Charfrty Registratlon No. 1069195 Company R•gislrntion 00464306 (England and Walgs) SALISBURY DIOCESAN BOARD OF EDUCATION (THE) (A COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
SALISBURY DIOCESAN BOARD OF EDUCATION (THE) (A COMPANY LIMITED BY GUARANTEE) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY YEAR ENDED 31 MARCH 2024 Page Reference and Admintrative Details of the Charity. lis Trustees and Adviso Trustees, Report 2-13 Independent Auditol8 Report 14-17 onsolidgted Statement of Financial Acb"Trthio8 18 ConsolK1ated Summary Inc18 and EXnditure Accwnt 19 Con501idated Balance Sheet 20 Chanty Balance Sheet 21 Consolidaled Ststsrnent of Cash Flryws 22 Notes to the Financial Ststements 23-46
SALISBURY DIOCESAN BOARD OF EDUCATION (THE) (A COMPANY LIMITED BY GUARANTEE) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY YEAR ENDED 31 MARCH 2024 Trustees and membars The Venerable A C MacRow-Wfy)d - Chair Reverend R Ayerlanis Ire8igned 25 September 2024) Mr¥ALAze MrA J Brown Mr T FarTer (resigned 1 May 2024) Ir N Harrison Mrs L Henderson (appointsd 4 Juty 2024 Reverand M Lee {appointed 21 January 2024) Mr N Rees- Vice Chair Mr l K Robinson Canon J Triffitt Ine 30 Novèmber 2023) Reverend L Ellis (COwOPted on 3 October 20241 Socrntary Mr G PwJh Diocesan Director of Education Canon J Tubbs (resigned I September 20231 Mrs K Fitzsimmons (appointed 1 September 2023) Charlty numb•f 10S9195 Compony number 00464 Reglstered office The Diocesan EducatKM Cerrtre The Avenue Iton SalisbLtry ltshire Auditor Moote {South) LLP 33 The Clarendon Centre Salisbury Business Pk Dairy MeadTh Lane Salisbury ltshire Bankers Lloyds Bank PLC 38 BI Boar Row Salisbury Wiltshire SP1 1DB Soli¢itor6 Parker Bullen LLP 45 Casle Street SalisbL5ry Wiltshire SP13SS IreStMent Manager CCLq Investmeni Management Ltd 80 Cheapside London
SALISBURY DIOCESAN BOARD OF EDUCATION (THE) (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2024 The tnjstees (who are also dire¢tDf5 of the charity for the purposes ofthe Companies A(1) present theirannual report together with the audited finanual staknants of Salisbury Diocesan Board of EduCatn (the Charity and the Group) forthe year ended 31 March 2024. The financial ststements have been prepaTed in accordance with the accounting poliry6$ set OLrt in note 1 to the financial stat8nents and comply the charity's goveming do¢umenl, the Companies Act 2006 and "Aecountr"ng and Réports"ng by charl8.. Statement of Recommended Practice applicab19 to charities preparing their accourts in a¢cor[lan with the Financi81 Reporb"ng standa applicable in the UK and Republic of Ireland (FRS 1021 leffe¢tive 1 January 2019)". Sinre the Charily and the Group qualifie3 as small under seth.on 383. Ihe strategic report required of mediLKn and large companies under The Companies Ad 2006 (Stratogic Report and DIr)r5. Report) Regulations 2013 1$ not required. Stratsglc ObJectlve8 Obj•¢tives and acllvltles The Board's prinapal obj'ects are to: Promote and assist in the promots.on of educabon in the Diocese that is cortsisienl with tsith and practice ofthe Church of England. Promote and assist in tha promth.on of relpJious education aNJ religious w)rship in schools in the Diocese. Promote and assist in thè promotion ol Church schoots in the Diocese. Promote crkoperation bthen itsetf and other petsDn5 concemgj with education in the Diocese. Promot8 and encoLNage the Chriskn'an nabjre of children aTKI young pgopl8 vrfthin the parishes of the Di¢)cese. The Board lives out the drySan vision of'making Jesus Known.. The flourishing of church sthools, Academy Trusts arKI the chIldn and young people they cherish is at th8 heart of the S81isbury Diocesan Board of Education's reason for b8ing. The SDBE joumeys alongside schools and communiti"es" through courageous Chri¥tian leadership and governan of educalion and church culture and through astute stewardship, we work to ernPer Christian fiourishing in churth schools, trusts and the patishes they ¥erve. The Board also acts a$ trustee of Ihe Uniform Statutory Trusts (USTS). which fomi its restricted fund for the improvement of the fabric of church sch¢)ol buildings and educational purposes. The Board is also the trustee of number of educational Trusts as wdl as acting as custodian trust89. Und8r the tsm)s ofthe EdIatIon Act 1993, the UST furKls may be appled towards the purd)ase of a site for. or the erection. improvement, enlargement or maintenance of any churcth school Dr church school's tea¢hor's house in the Diocese {restri*d cap¢tal account) or educatronal purpc>se$ Irestr¢kd income account). The income derived from tha r8strictsd capTtal account fund may also be used forthe provision of advice and resources in conr)e¢tion wlh the management of education prowded at the schools.
SALISBURY DIOCESAN BOARD OF EDUCATION (THE) (A COMPANY LIMrrED BY GUARANTEE) TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2024 Achievpments and perforniance R•vl•w of actlvltles As at the 3113124 there were 191 Church Schools in the DMJcese of Salisbury serving 42,OLNJ ¢hiklren of whi¢h 9 are secjmdary and 4 middle schools. In total, 123 schody are academies with 116 within a multi4cad8my truit (MATI and 7 siwle academy tnsts. This wll eontinue to increase with an additional 7 havir¥J pem)ission to ronvert to academies in the summertem) 2024. 28 ofthe academies are within the Diocese of Salisbury Academy Trust (DSAT). One school Ishalboume CE Primary) closed in April 2024 due lo a fall in pupil wmbers. In addrtton to the 7 already in reIpl of pemiission to join a MAT, a fijrther 12 sthools are expected to have received this by thè end of 2024. This will bring Ihe total number of schools in MATS up 10 135 oul of 190 {71% of 411 schoL45). This is the ffirst year of a new &year strategy. the SDBE strategic plan 202&2028. approved by Tnjsl Board in July 2023., this plan expresses our vision in the word$ of the diocesan vision. Maknng Jesus Known, and our purpose to enable the flourishing of church schools. Academy Trusts the children and young people they chèrish. The new plan reflects the maturity of the Board of EduCatn and a strategic vision that being present, we wll show compassion, speak truth, and offer hope. Underpinning these ol'e¢ts and the strategi¢ vtsion, are work $trearns under three core bold aims for courageous leadership and govemance of churGh and edu&iion culture, for empowering Christian ourishing and for astLrte stewardship. On the 1" September 2023 Katie Fitzsunmons tth)k up post as the new CEoIDirtsr of Education, following the retirement of Joy Tubb8. Leading a team of 14 st2ff112 E> each utterly committed to the full flounshing of Trusts, schools. children and young people and the cmMUnI.es to vthi¢h they belong- Mthng Je$u$ Known. Bishop Stephen has on the new diocesan vision and lebrate the diocese's ¢milent to become a diocese highly valLd for church and school partnerships. maximising the missional opportunikn'es that sit * the interface beiween church, Trust, school, and households and enaNiry children and young people to express their Vol and their agency to ad change in the church and in Society. To belter maximise the experEnGe ond 5trer@ths of Ihe Children and Young People team, the team joined, in Aoril 2023, the Salisbury DKcesan Board of Finance ISDBF) to integrate their work deeply wtthin diocesan mission and ministry. Bishop Stéphan has b8com8 a frequant guèst of academy trusts and ChUh schools. In July 2023 we welcomed the SDBF to join us at Emma% House {the name for '¢e$8n Edu¢ab'on Centr8) followirtg the closure and sale of Church House. In retum for investrnent at Emmaus House to allow expansion of the buildirbj and Feconfiguration lo meet the needs of the SDBF a proporlion of Ihe oWneh[P of the building will be transferred to the SDBF in 2024125. This means that the SDBE, SDBF and DSAT central team are all now based in one building. This has alrp¥dy enabled further collaboratirffi ar doser working at all levels of each oTganisats"on. In 8ummarl8lng the yèar, we drnw attentlon lo key strands whlch haw b•on ¢rucl•l to tho onoIng development of the SDBE and our ability lo fulfil our mig5ion. and vision: Programme for Church School Flourlshlng: The Prcgramme for Church School Fbunshing {PCSFI ntInueS to grow and positwely impad Twsts auoss the Diocese. Marth 2024 marks year5 of delivery with 13 Trust5 working within the PCSF through ¢ohorts of onrdments. This equates to over 11)0 church s(ools empowered and ov9r 50 leader5 equipped, through the SDBE led training, to fvrther enable the flourishing of pupils, adults and families thin the Communities they serve. Quality Assurance {QA) visits have evolved and developed, bnnging together Complian and opportunities for professiond growih. The QA visrts ¢ompletod indicatè that Trusts have refined and developed reciutknenl practi$ and those that have recrutsd a headleacher have held the SDBE expects"ons and honoured church schod distinctiveness throughoLrt the pro¢es$. FurtheF QA visits have indicated growth and development of RE planning and provision and church sthod Msits hav• bn carri8d out with care. ChaIng, and clgrity. Feedback has been posilive. with a rent SIAMS reportslatirvJ". 'The school and bustwork in ciose partnership wlth the dlocese. The innovative, dio¢esan led 'Programme for Churth School FIDurishing' has promoted purposefvl support and monitoring., We started PCSF joumey wth thè intènded outcornès of anriching and do0ning the expertFse of h0o[ trusts arKI pVI1ng a su¥tainable and ruorous heart to the partnership belween school trust and SDBE., it is evident tha+ this ambidon E being realised. In addition lo these successes, much has been learned by the SDBE leaders invofved in delivery and eontinual r8flÈctr)n on. and rèshaping of, th8 pregramrne take plac8 to ensu Ihat fijture relevance, sustainability. and impact of SDBE PCSF will be accomplished.
SALISBURY DIOCESAN BOARD OF EDUCATION (THE) (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT FOR THE YEAR ENDED 31 AIARCH 2024 Fdlowing regional sharing crf the SDBE PCSF, the SDBE team developed a deliv&ry modÈl that would train DBE teams and TrL18 across th9 Southwest of England. In September 2023, the PCSF SW was launched wth five DBE teams and 12 Twsts participating. In July 2024: a day of #Ming and celebration wll bring together trainee5 from Truro, Exetsr, Bath atKI Wells, Brisld, and Gloucester tAoceses to rellecl on the impact and potential of the programme. Foundation Goveman¢e: We conb.nue to proaclivety wovidè foundation govemance support which encompassed work with local authority-maintained ¥thoo15, goveming bcrfjies and academy committ08 conStients, TnJstee5 and Members in Trusts. Our included assisting with and confimiing appointrnents, prowjing ongoing support and guidance. and adIng ttaining. This Saw our officeF5 attending govèmaru meetings, supporting trust boards and advocatiro wherever needed. This year has seen over a hundred and foty govemance appoinlm•nts across all levels, yetstill Foundation appointed vacan(aes ntnning al about 25% across all Tole types (which is down slIghY from 2022r231. it is an orKJDing piaco of ork with schools aThJ trusts to support how they recruit into these positions, as well as offering training and b>a support. Thi5 work is atso linked to the PCSF, ensurrng that our trusts are equipp to support govemance rootsd in its Christian foundation at every level. In all but one Trust that in¢ludes a thurch School. the SDBE is a Corporate Member and appoints representslives to attend Members meeting and interact accordingly throughout the year. Hair of these representsts.ve roles are currently held dirediy by officers of SDBE whid) furthei faeditales another layer of SDBE iMprovemt work wthin these Twsts. Support for SIAMS- Since April 2023 the significant SIAMS has tsen suprn9 Sch( and Trusts to transition po8rtNely to the new Iramework and ensure the hewhlened expeGtslion5 of the new framework.. the requirements of a deeply r¢xtted theological VL%Fon. a vision shaped curriculum with intrFnsic spiri81 development coll8cb.ve worship that enables adults and pupils to spwitually Ilourish and an effective RE curriculum arè understood and planned. An ambitiOU8 list of 45 SDBE SIAMS inspections was pUblisd in May 2023 ensuring schools could tak9 relevant ackn'on to prepare forthe new framework. The SDBE SIAMS leader delivered a programm8 of in-person training during the summer term 2023 to support s¢hools WFth their transitsonal work. Further virtual aThJ invpetson SIAMS CPD w85 offerEd in the Aubjmn anrl Spring tsmi. Schools an the published list for inspection were prioritised by SDBE School Improvemenl Advisers ISIAS) when aTfonging sthool visits. In addibon to school lèvèl training, new framewoTk training was provided to the Trust Leaders for Church School Flourishing and nbedded inio the training for Trust RE and Collecbve Wor¥hip Faculty18aders. Up to Eastér 2023, 32 SIAMS irtsFeCtiorts had been carried out In our Diccese and all schools Inspected were judged to be living up to their Church school foundations and ènabling pupils and adults to Ilounsh. Schools Causlng Concern." There has ten a fvrther reduclion in the wmtEr of Schools Causing Concem (SCC) and schools have found solutions more quithly due to the swift and agile resF)onse LL8ing th8 SCC strategy. DfE fvnded TNSI School Improvement support has been accessed for schoolg by usiThJ the SDBE'S detaikd knoedge ol schools to help schools qU81ify under thè 8xcèptional circumstsnces crilerfa, Ulting in more schools workir)g alongside Twsts. Govemiro boclies have been supported resulting in them having owneiship of the fulure of the school wn DfE inlervenlion pow8rs ha¥t been applied. Bespoke support has been targeted to Irusts within th8 viewed Trust sort Strategy, wifh members and trustees being given clear, tId reoornmendab.ons for mowng forvKard, wrth th9 impad bery that siwificant concems have been mgated. Rdigious Education and ColKliv• Wovshlp: in adthion to Ihe adviser mggtings in PSA subSbed Schools, where RE is always on the agenda, the SDBE has continuejj to run training for RE sthJ'e£t leaders, which is delivered through online courses, and an inyfson moderation 58ssion. Tr HLP$ (Hub Lead Prdclitionersl lead RE Netwoth hubs of strong practice to supportsthocls in local areas. We have also run the lourth annual virtual RE Confefence. This year 79 d?legates atterKled. typical feedbad( was. 'It was very well organwd aThJ njnl All the links r& shared in advance, resourGes available on ThinkifiG upttrdate and very interesting presenters. Thank youl. The DBE 15 embeddiry the RE Strategy Document whi( sets out hthv vts liaise with stskehc4ders induding the LA in order to secure the best possilje provision for the delivery of high-qualty RE in every sthool. The SDBE SIA is 8 member of the three SACRES (Stsnding Advisory Councils for RE) that advise Local AuthoreS. In this rofe we hav8 had a strong, WelspeCted voice into the creation of Ihe Locally A9reed Syllabuses for BCP Ilaunch8d this year). Dorsat (being itten this year aThJ k7unched in Jan 20251 and Wttshire (ongoing review this year writing beginning nexi year). We also 5UPPOrt the CPD that they offer in collabora*'on with Bristc4 Diocese.
SALISBURY DIOCESAN BOARD OF EDUCATION (THE) (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2024 The RE and Colle6lrve Worship Faculty Leaders {RECWFL} role in the Prcgramme for Church School Flourishing IPCSFI has been building well. In Salisry. Cohort 2 training is complete and 15 RECWFLS are now working wlthln 6 trusts. Quality A35ufdnce of their work is deaTly showng impact as they evaluate the strEngths and areas of development of 81 the schoots in the trust. Wrth SDBE sUPPOrt they are developing trustased expertise 8nd training. The PCSF wor in the Southwest induded training of RECWFLS in up to 3 Trusts in each of 5 dioceses. The SDBE continues to support schods. delivery of o)Ilecbve worship (CWI, ensuring rt is invitational, inclustve and Ins"ring. All courses a open to CW lèadèrs in schools and clergy a also able to book. We repeated a pupil leadership wurse aimed al young people to develop spirtually and to be confident leaders of worship and thi$ was well-attended. Six schods shared thalr work across bvo $essions. In order lo support schools in deepening Iheir undewstanding of and provision for pwils, spiritualty in line wrth th8 new SIAMS tramework. bespoke CPD has been led for trusts by SIAS and a cenlral SDBE course on 'Spirituality across the curriculum. was well allended and a delegate refiected: 'Using prayer spaces and implementing the idea of weamng spiritualty (analogy to goiden thread was nicel into rrICUlum. Great examples given - espwally in moming sedionl Great to actually trial some of the activitsès." Our SDBE advisor also led a working party in IAfiMshire S4CRE to creale a Collective Vvorship Guide for Communty Schools - launchtyj in May 2024. In Mar¢h 2024, the advisty presented on this work at the southwesl Conferen for SACRES and wll support Dorset SACRE in this contèxt in 202¥2S academic y8ar. Each ofthose elornents t¢lps SD8E play ILS part ensuring those leading cdIecVe Worship have Conffiden and that RE is of high qualty for yng pe¢¥Jle in all schttls. notjust CE schoois. Leavers. Services. SLrnmer 2023 services were the fit of a new approach to this event A collaborative projeot wh colleagues wothng in Ihe CYPIGroMring Failh grow) in Mission and Minkstry resulted in the creation of a reflection trail around the cathedral linked to the theme of 'lighl'. This was then followed by a service including a play and prayers involving children which had been enabled by Rise Theatre. 16IX) pupils took part over 3 days which included one DSAT day enabling the trust to have all their schools present. Typical puprf feedbaok induded= "l enjoyed getting the chance to look around as Ie Trever been before. I wished we had longer.. Partnorship Service Agrgement" Our delivery of support to schools continues to eV0e., this is in recognition of the growing number of schools who are moving into Mulli Academy Trusts who are equipFed, through the PCSF, to support théir churth sdiools. The PSA offer remains stable in content,. a vision-based Msit, offer of Spiritual development, RE and CW training, offer ot Foundation Govemanc training and induction of new headteachers. Additionally, subscribing to the PSA enb'ues the school to vanous discounted rates. including to addilional training. The PCSF training equips Trusts to ftjlfil the PSA package of SUFVOrt to their schools. As a SUm Df the shift to a majority Multi Academy Trust landsc8pe fewer individual sthools subscribed to the SDBE Partnership Semce Agreement (PSA) in 2022f23 and fewer still in 2023124. However. Ihe adual Trurnbe of schools receiwng SDBE support through the PSA or PCSF remains stable at approximately 9)% (2022-23: 91 % of sthools and 89% in 202> 24}. This slight teducts.on reflects schools that subscribe bi•annually c who have nth"fi6d tho SDBE that budgèt constraints wll not enabte a 202&24 subscrption. Recruiting and Inducllng headie4cherg; Headteacherrewitrnentcontinues to b8 challenng forall schools 8cross Dioc9se, with fewer candidates ap YIng and a reduced nUMr of suitably equipped candidates Ing shortlisted. The SDBE has supported 18 recruiknent pro5$eS and TNsts. through thgir Champion for Church School Recruitrent leaders, have supported a further 11 HT cwTtrnert pro¥e$. 24 new headteacher5 have comm8nc8d les betsv6en April in 2023 and March 2024. One highty impactful development this year has been the introduction of a Headteacher CommissionirvJ service hosted by Bishop Stephen at South Canonry. At these wents 7 new Headteacher were commissioned in Spring 2023, a further 17 belween June 2023 and April 2024 and approximately 12 mor• ar6 expected to join in June 2024. As part of the post-covid catch-up. these numbers ffeCt HeadteaGhÈrs wtto were oppointed in the previous 3 years. Moving fOard this oppothjnty will bè $018ly ftsr newly appointod Headteachers 8fKJ as suth numLer5 wll deuease slwJhlly.
SALISBURY DIOCESAN BOARD OF EDUCATION (THE) (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2024 Pastoral Support.. The SDBE team, from advisors, to the Educati seICe$ Team, to the leadership téam, off8r ongoing and available pastoral support to our schools. This can tske the fofm of infom)ation sharing via email or phon• ealls, practical support for buildings issues and inspection support. This has meant both turning up to help lear up after a fire and arranging to visit folbwing a tragic incident The wh(4e team is commilted to supporting our schools which is vaued by sGhool leader5. those who volunteer in govem8nce at all levels, and trust teams. Sadly, ur support has b88n much in demand this year. The team pull together to support our schools and those around them, valuing the fantssk suppjrt prowded by bcal clergy and pansh teams as part of this. S¢hool Tru$ts,, There a 18 MAT$ that indude SDBE thurch SC01$. but 4 of these Trusts nthv operate according to equality {or majorty in one ¢asel Artides ofAssociats"on. Brund Academies Tnjst Incorporated Somerset Road Education Trust in February 2024 thereby incorptsraiing its first SDBE church school and adoptin9 equalty Articbs that lime. The SDBE plays a Crucial rol8 in Ihe rationalisatKn Process towards a stable and ful constructed famity of safe MAT homes for all of its church stool$. 2023 saw significant numbers of enquirtes and mplekn.ons of academy conve10n$. By April 2024, 61 % of schoo15 were in MATS {increased from 54% at the stsrt of the rwrting period). This work requires a range of support from the t8am covering govemanc and finan a1 estates. Forthè tèam, this draws on skills of our financè and èstates leads to ensure that conversFon pr$Se$ go ymoothly. The team has been working proactively to Klentify poter¢tial issu&s and resolve them earty. and this year has implemented a comprehensive Teams ptanner tool to traGk process and aFply actions in a timety way schod by school across 811 conversion and transler proiects which in yèar now amounts to 31HO at any one time. Our role has been increasingty to offer system level soluts.ons as the only agency which has sight auoss th8 whole system, with connections at school levd, with trusts and avoss local aUthore$. Simutt?neou5ty DSAT our diocesan MAT Pfas ContinLd to flourTrsh and grow and now consi¥ts of28 ChurGh Schools. 1 S% af trte dioceses Church Sthools. Sthools have reIVed stroThJ Ofsted and SIAMS outcomes and challenges are being addressed at 2 of the sthoDLg. The DSAT trLt boa has approved a growth strategy which 11 see the Irust grow to potantially 35 to 40 schools over the next several years and strong church sthc¢ls are now seeiThJ DSAT as a trust of choice. The ttust's chrisb.an wsion and leadership is strong arNI the Memb8rs' group, across the year, has further developed tts praCts" and engagement wth the tfust board. The Board of Edu¢ation can be proud of the Diocesan MAT and all that ri is achieving as it $8curex a tk)urishing home for thurch schools and their children. Estates and Nel Zero.. The SBDE Estates and Finance team continue making progress on delivering against tt SDBE Estatés Strategy, in supporting the SDBE church school estates. focusing Dn sustainabilty, and responding to the national new zero cart)on tsrws by 2030. The main 8ehi8vémént in 2023124 was the wccesslul installation of an air source heat pump Ivrith oil boiler back up) at Chilmarf( CE VA Primary School. induding promsion lor a second air Sour heat pump whon fvnding becomes available, allsmng the school to move ComtelY away from fossil fuels. Bishop Stepfven visited the school lo meet the chikjren and t8lebrats th8 progross oftsir not zero umeY. Grant fvnding via the Salix Putlic Sector Decarbonisation Sthémo Phaso 3¢ has successfvlty b•on a¢hi9ved to contribLrt8 towards tre instsllation of air sourcÈ h•at pumps at Coomb8 Bissott CE VA Primary School1£75k}. which 15 due to be completed over the summer period 2024: ready for ttE next acadernic year, Funding has also been secured for the installabon of an air sourc heat pump project at Bourton St Georg8 Academy prary Sthool (£65kl, which transferred to PKwi¢k AdernY Tntst on 0110212024. SDBE is deveknpiThJ a strong Working relationship with Pid(wid(. working together to deliver this project by 31103r2025. DIE fvnded projects vla SCA funding Wre inslrtKted auos$ 19 schoob, totslliThJ £77*. deliTrRrirvd Ca1 projects to improving both Ihe energy efficiency of the school estaie and impromng the physical environment for the benefit of the children In the diocese. The SDBE works dosèly with tr SDBF colagUes. &SCIallY given the opportunities afforded by Ihe new working arrnngements at Emmaus House allowing the strengthenirvJ of Working relationships across the Diocese and will continue to proaclively work to Support the enwronmental strand of the Diocesan Msion. This remew of artivibes seeks to give an oveTVEW of our work in 2023124 7•rith our sthools, be that on our own or in connection wtlh the SDBF: with cl8ryy and parish faung teams. with rnU. academy tnjsts, with local authorities, with the national church or th the Dèpartrnent for Education. Through our system leadership. we are sharing what works and also ensuring we can benefit frvm the experb.se ol others. We are grateful to all those who support our schools, either in their work roles or as volunteers, and we [er take this SUFPOrt for granted.
SALISBURY DIOCESAN BOARD OF EDUCATION (THE) (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2024 Investment pollcy Under the Memorandum of Ass¢cialion, the Charity ha$ tIE FK)wer to invest monEs possessed by the Board, or held by rt on Trusl, in any legal investments or securities actording to UK legislation. Thé trustees. hawng regard to the liquidty r4uirements of the VA $Cor$ capitsl schemes cash 11, have operated a policy of keeping available funds in inierest bearing deposit accounts and invgstrnents. The Board's inveslment management Strategy for UST fun(ts. aced with CCL4. is to achieve a targeted net return of RPI plus p.a.. befven capilal growlh of invested funds and dividend and ¢knr income, wlh dislributed income being set at a requirernent of £238k in 2023124. Forlhe year ended 31 March 2024 nel distrtbuted investment income received was £237k (2023 £235kl. The average distribulEd rate achieved was 3.2% {2023 3.1Qhl a98inst the RPI rats for the year of 4.3%. There has also a Signfficant capital increase in year and the net gain on investrents was £563k12023.' loss £383kl. This refle¢bng the ¢0¥ery of the wortdwide slock market position. The overall net ratum in 2024 was 11.0% 12023 _1.80k> which was ave the taryeted net return of 7.3% {RPI being 4.3% in 20241 due pllmarity to the gnificant unrealised netgain of £563k. Flnanclal revlew The SDBE consolKlated accounts for 23124 indude. as in 22123. both the incDmo and eXndItUre of ESFA School Condition Allocation (SCAI caprtal funding sthemes atVA schools which are project administered only by the SDBE. Tn@ consoltdated accounts as in pnor years inclLKle Saled Ltd {100% trwned Subsidiary of the SDBE). Inccffle Overall income has remained at a similar level £2,74e4( 0Pared to £2.75& in 2023.This is primarily due lo the excted reduction in chaiitable actimties income {SCA} of in totsl £274k betsveon the years being offset by an increase in one off other donations IS554 transfers) of £296k. Thé SCA funding being lower in 2024 and this refiects a known trend as SCA funding reduces as both more VA churth $¢hook convert lo academies and the transib.onal protsctbon given by the ESFA is steadily reduced over 4 years to 20ro in 2025r26. This trend will therefore continue into years. Expenditure This has decreased by £629k from £2,738k In 2023 to £2,109k in 2024. TINS is linked primarily lo the de¢aSe K) SCA projects fijnding noted above and compar8d to 2023 SCA 8XP8nditure has decreased by £515k to £612k. Undetying operating deficxt The Board has recognised that the SDBE ha¥ a ffinancial gap betsveen its nornal income and expenditure Vels. It has taken the fomial decision to fvnd this gap by uiilising income from Ihe sale of old schools and trust fvrKls as appropriate. In 2024 the underlying operab'ng defieitwAs £67k compared to £188k in 2023 and it is planned lo redu thi5 over the next 3 year¥ and aGhieve an undedying ¢Jperatsng bTeakeven posth'on by 2027. The urKlettying oporating deficit is reconciled to the nel movement in fuThJs bebjw. Thè budgeted underfyng operatirw deficit for 2024125 is £129k (2023124 was £197k}. The SDBE has increased its res&rvÈs in 2023r24 by £1.202k (2022123 d&creased by £366k}. This is due primarily to a significant investsnenl gain of £563k, S554 transter of £591k combined wtlh inc8SeS in thè SCA restrict8d capital reserve of £115k partially offset by the undertying cwats.ng deficit of £67k. The SCA fEStricted Capital reserve relstes to funding reeewéd which has not yet bèen cxNnmitted and increased in 23124 as kss fvnding was used than planned due lo a mix of bolh projects nr)t being undertaken and net underspends. The SCA restrictad r8seNe increasing from £82k in 2023 to £19Tr in 2024 and this is planned to be fully utilised in 2025. The S554 transfer relates to the historic net inc£sme received from thè disposal of ts¥o old Church Sch¢)ol sites at Worton and Marston and Wintsrbourne Earls, whith had to go through the fomal S554 legal process and was approved by the Secretary of State in F&ruary 2024.
SALISBURY DIOCESAN BOARD OF EDUCATION ITHE) (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2024 The total reserves at the 3113124 are £9,958k split Into resthcted capital £5.917k, rnstrictsd SCA rA)ital £197k, restricted income £2,531 k and UnTe5trided £1.384k An increase of £1,202k on total reseNes at the 3113123 of £8,736k. The above shows thal Ihere are sulficient luThd5 in the restricted irwne fund uniestricted reserve to contnue to fund the gap noted above and therefore Ihere are rKJ issues vAth going concèrn. Golng concern The Board recognises the risk of financial Viabilty. and this is refleCd in aCticS ten by Ihe 8oard. To ensure the Charity is a going concem the Board in September 2021 approved thE SDBE of the Futu strategy t0 seek to ensure achievement of key objectives and move to an underlying recuThent operational surplus by 2027.The aims of which are underpinned by both detaikd financial and staffirg plans. This strategy is montlored and reviewed annually by both the Resources Committee and Board. As the SDBE receives no direct fwKliThJ from the gONEmmerrt tt has to ensure bts long term finanaal viability and theroforè nJs to make the best use of its resources to support educatson in the Dictese. The Board has agreed 10 5UPPQrt the obiectives of the SDBE over the pericKI covered by the SDBE ofthe FLrture strategy by using funding from the disposa] proceeds of otd sthool buildings and appropriate trust fund transfets. The total reserve5 as at the 31 Marth 2024 are £9.95& of whith £8,896k e reStrted reserves. The restricte<l reserves are split into Income restricted reserves of £2,782k. which can be used to support education in the Diocese, ¢ap1181 restricted reserves of £5,917k. whith can b8 Ltsèd for capttal purposas in the Diocase and SCA capit restricted reseNes of £197k. There 15 an unrestricted reseThe of£1,062k. This fvrther supports the trustees wew on going concem. After making appropriate enquiries, the trustèes have a reasonable exFE¢tstion that the Charty has adequate resources to continue in operational existence for the foreseeable ftsture. For this reason, they continue to adopt tha going concern basis in preparing the ffinanaI ststernents. Furtherdetails regarding the adoption of the going COnM basis can be found in the aOUntIng policies. Reservety policy Hawng considared financ481 risk. liqUty requirnment and the timing of cash ficvws Ihroughoul the year. the Board's policy is to hold 8 balance of teadily realFsable assets in frpe incorne funds equivalent to 3 Tnonths budgeted expendf(ure for the year. Based on the financ4al statements lo 31 Marth 2024 3 monlhs. expenditure totals £284k. Free income funds are deemed to be unrestricted general funds: the trading subsidiary's retained eamings And restricted UST income account The income account fvnds (and all intere¥t fyvm tre inveskner)ts in the UST'¥l may also be Ld for the provision of advice arwj resourcm in )nTrection wrth the Managent of or edu¢ation pr¢wde(I at the schools, this is deemed to be free incorne fvnds as it can be used for Ihe general nmning of the tharity and to assist in meebng tre charitable ObltIves. As of 3113124 the chanty had £nil in unreskncted general funds, £72k of serves held by Saled Ltd and UST incomè fvnds of £2,531 k meaning total unrestrict1 funds of £2.603k whic* is in ex$$ of the required value. The long term spendin9 sifategy for reserves is lo support the planned operational finanual defiuts until the 31r3r27 and allow flexibility for any future expend1tu V4hilst Tetsining a signifi¢ant reserve. The majority of Ihese fvnds are held in an investsnent portfolio which can be accessed readily if ruired. Th8 Board r8cogni8es the imtKJrtance of in¢raasin9 the UST furKts to enab it to continue to work in the long term. The trustees consider that the Value of restr.cted reser und&r a managed investrnenl agre8ment shouhj not fall below £2 mllllon. The total of funds hekl ty CCLA at the yearend totalled £8.316k in line with the prior year balance of £7.662k. This was dué tr& a signifjtsnt in yèaT positive rwaluation adjustrnent of £563k plus net in year additions of shares of £91 k. SALED Ltd SALED Limited i8 the wholty owned trading subsidiary of the Salisbury chO$an Board of Educatlon and has tho same accounting year end ag SDBE. For the year to 31st IAarch 2024 the eompary had a tumover of £25Sk {2023'. £263kl. It had a net surplus of £19k (2023.. £2&) and accumulated reserNEs of £72k {2023. £91kl.
SALISBURY DIOCESAN BOARD OF EDUCATION (THE)
(A COMPANY LIMtfED BY GUARANTEE)
TRUSTEES REPORT
FOR THE YEAR ENDED 31 MARCH 2024
Plans for tuture peri04ts
The year has again seen us continue our strong foctss on ènsuring that aclions to meet ag1 priorities are well
timed and staged. We are taking forwar our very dear vision for the SDBE of th& future through the 5 year plan for
202310 2028. In 2024125 we will be implementng the second year of our five-year strategic plan
The plan is based on the SDBE teaming with and from $¢hools, chiklren, yourvJ people, school trusts and parishes;
we thus step confidenty into this work centred wthin the Salsbury Diocesan vision of Making Jesus l
SALISBURY DIOCESAN BOARD OF EDUCATION (THE) (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2024 The SDBE Board and sonior lèadèrship tÈam Tnain ofthè vi6xv that furth•rirKJ the role of school trnsts as custodians of church schools, Anglican foundatr.on is cruaal to the 1oTrj-le flouTi5hing of Ihe church sGhoob. The SDBE has therefore used the year to Continue to r&4m•gine its ovm role in-light-of the changed and changing leadership of the education landscape as part of a deep organisational change. This otganisational change involved working wrth all South West dioceses to adopt the SDBE Programme for Chur¢h S¢hool Flourishiw and the new CEOIDiOSan Dirtor taking up the rde of Chair of the National DirectOTS of Education network. Wtlhin the diocese organisational change is leading to us building further our pathership the SDBF, induding the sharir¥J of Emmaus House and the full alignment of our strate9y Wbth Ihe new di(Kesan VlOn- Making Jesus Known. The year ahead wll continue to fo¢u$ especially on furttf building Ihose relationships in ways that are innovative, challenging and supportive - using the relationship to help school and parish leaders identify for Ihemselves now thinking aboui théir own roles and the cclnmunities they ser¥e as the new educational and dIsan landscape is fonn&J. Slruclure, governance and management Constttutlon Th9 Charity and th8 Group is consliiuled urthr a Memorandum of Associab"on dat&J 4 February 1949 and is a regi8tered charity nurnter 1059195.The guarant0 are Ihe MembeT5 of the Board and Ihe limit of their liability in the event of winding up is £1 eath. The Board is the sole trustee ofthe Unifonn Slatutory Trusts (al¥o kn¢)% as the USTS or Sedign FurKl¥). which are now govemed by 58Ction 287 ofthé Educatian Act 1993. Th& funds held in trust are derived from ancient educational endo78nts and the pr¢)ceeds ol piwety sales authorised by the Departm&rt of EdLution under section 86(1) of the Education Act 1944 and Secti( 2 of the Edtr"0n Act 1973. The Trustees. who are also the directors for the pury)ose of company law. and who seNe(I during the year and up to date of signature of the financial statements were". The Venerable A C maCRow-t0d- Char Reverend R Ayer*tarris Mr¥ALALe MrA J Brown Mr T Farrer Mr N Harrison Mrs L Henderson RevMPLee Mr N Rees-vice Chair Mr l K Robinson Canon J Triffitt Resigned 1 May 2024 Appoinled 4 July 2024 kpoirrted 2 January 2024 Resigrd 30 Novemter 2023 10-
SALISBURY DIOCESAN BOARD OF EDUCATION (THE) (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2024 Method of appoinlmgnl or •leclion of trustees The Arbdes ofAsswation Vre rewsed in 2021122. followng the introduction of the new DBE Measure in 2021.Th8 makeup of the BoartJ5 mernbership now comprw of a maximum of ten members and up to 2 0)vOPted members. The members are appoirrted triennial. nonnally in Ihe same year as the Diocesan Synod is elected and this was last done in November 2021. new members being appointed on the 1 January 2023. Policles adopted for the Inductlon and tralnlng of tNstees New trustees undergo a cornprehensive FencKI of Orientation and indudion vrith Ihe ChaiThan oftrustees. Dioan Dir8ctor tsf Education and Députy Director of Education to le1 them on their al obligations under charity and company law. the contsnt of the Memoranduffi army Articles of Association. d@s¥n making processes. strategy, and reGent financial performanrR of the Charity. They also met key employees and other trustees to explore and be bri8f8d on all areas ofthe work und8rtaken by the SDBE. Trustees are encouraged to undertake developmentactiv7ty th will facilrtate the execution of th8ir role. Oryanlsatitinal structurè and détision maktng The 8oard of Education administer the Charity. The trustees meet usualty six times a year (minimum ofthree limes annually k% stipvlal8d in th8 Articlès of Association) and five members personally present is the quorum necessary frjr the transaction of business. There is a sub committee covering Resourc8s lilUdIng remuneration}. A Diotssan Dir8ctrJr of Education is appointed by the trustees to manage the day to day coerations of the Charity. To facilitste effethe operats"on3, the Diocesan Director of Education has delegated authorty, within tenS of delegation approved by trustees, foroperational matters dUdg finan. employment and other actvitses pursuant lo the objectives of Salisbury Diocesan Board of Educatim. Pay pollcy for sanlor staff Emoluments of higher paid ernploy are detemiined by the Chair arKI the Resources Committee. Relatod party relationships The Charity's wholty ovrnd subsidiary. SALED Ltd, was established in 2005 primarily to undertake SeNiS as required by the Trust8es in the course of the Board's normal activities in connection with the administrth.on ol the maintenance and development of schools wthin the Di0Se and also tt) underlake actiwbe3 thal fall QLrtside the objectives of th& Board of Education. All profits of SALED Ltd available for distn'bution as dividend are to be applied towards the promotion of its charitsble obj'ects. i.e. for the benefft of Salisbury Di¢)cesan Board of Education. Ajthough not a r6latèd party but 8 connected charity. th8 Salisbury Board of Finance makes a contribubon, from Share income it reIveS from the Parishes in the dI0se, lo the S31tsbury Board of Education in respect of the Costs incurred by the Board of Education in supporting the Board's work in prOVEn9 advFce, guidance and resour¢es at church schools Wltttin thé Diocèse aTrJ ftsr work with children aTrJ young people in Diocese. Risk management The tNstees have a risk managent strategy which comprises." a regular review of the risks the tharity may face establishment or review of systems and procedures to mibgate risk5 the implementation of pro¢edures designed to minimi5e any identsfied potential impact on the Charity should those risks mataialise. The corporate risk register i% reVIed at ea¢h Resour¢e Committee meetirq and by the Board on a regular basis.
SALISBURY DIOCESAN BOARD OF EDUCATION (THE) (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2024 Prlnclpal Tlsks and uncertalnties The tWStee5 are responsible for the Klentification, mitig81r and managemerf of risk. To achyeve this. a register of all risks identified is maintain8d and. alongside ¢ a management and mitigation strategy. This is subject to review by the trustees on an annual basis wth the responsibility of risk management being delegated to Ihe R&ources Committee, where it is a standiry item on each meeting agenda. The risk register identifies 3 areas where the rtsk of either failure to act or the imp8Ct of tre events is ¢onsldered 'high' even aftèr mfbgation measure5. These areas and the as5oaal mibjation strategies are." Change 1$ unheralded. unstructured or at faster speed and SDBE unle to reSpd appropriatety Dr ¢op8 SDBE for the Future slrategic plan and approprFate stsff structure in pla( linked to finan¢i31 and budget plans Annual strategic plan review and UFKlate Liaison with representstrves of Govemmert National Society, Local Authorities, Schools and A¢ademies Membership of ard stsff invdvèmènt with various organisations in the sector Strong governan structure including Trust Board and R8source Committee Reputational iisk rf our Church maintsined s¢hpols fail and risk of losing church school stalus. Monitoring and evaluation protess&8 to hold oach schod and L4 to account Schools causing concern strategy Brokerage of effective school irnPTovEmwl solulions Foundation yovemor3 in Èach school Foundation Governan Advisor post Academisation strategy Reputational risks ifour Churth Ac*mies fail, induding DSAT and same risk if Multi Academy Trusts induding church schools fail and risk of losirwJ churth schod Status. Monitoring and evaluation procssses to hold each academy to acnI Schools ¢ausing COnM strategy Broker4e of effective school improvement solutions Foundation govèmors In each academy at tth Board and Academy Eevel Found8tion Govemance Adwsor p05t Govemance structurp and MOU Funds held as trustee The Board hokds 32 individual finanual twsts which ha¥p not beon irtIed in ils acc£Junts. These comprise School GoverMrs' lunds, Educational TnJsts and funds norm ari¥irKJ frc¥n the sale proceeds of former chUh schools or teach8rs' houses that are waiting sch8ming. Each of trEse fijnds is hekl in a separate designoted acnI Mth CCLA Investrnent Management Ltd. On 31 March 2024 the value of these fijrkls was £6,851 k (2023: £5.984k}. Seè noté 25 of the accounts for further infonnalion. Public The trustees have had due gard to the Charty Commission's guidance on public benefft in deteminlng th& Charity's priorilies and plans for the future. The INstees' weport sets out our aims. rkniectives arKI actiwties and conveys Clear the public b&fil the Charrty has delwered overthe last 12 months, namely.. engaging, inspiring and equipping the people of Salisbury Diocese to provide OLtstandirKJ education and training for thildren and young people within their schools arKI parishes. 12-
SALISBURY DIOCESAN BOARD OF EDUCATION (ThE) {A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2024 statsment of TNstees re8pons1bll10s The tfustees {who are also directots of Salisbjry Diocesan Board of Education (The) for the purposes of company law) are responsible for preparing the trustees. rert and the financial stat8mènts in acrDrdance with applicable law and United lQngdom Accounting Standard$ (Untted ngdorn Generally Ac(epknY Accounting Pr8Cti¢el. Company Law requires the trustees lo prepare financial ststements for èach finanu81 yÉ8rwhich give a true and fair ew of the stste of affairs of the Charitab company gnd Group and of the incoming resour and application of resources, incI4ng the income and expenditu, of thg charitable Group for that year. In preparing these financ4al statements. the trustees are requwEd lo: select suitsble accountTrng pdicies and then 8PVty th Gonsistenlly,. observe the methcés and principles in the chareS SORP. make judgem8nts and estimates that are reasonabl8 and prudont state ether applible UK Accounting Standards have been followed, subject to any material departures disdosed and explained in the financial statements., and prepare the financial statements on the going concem basis Unl it is inappropiiate to presume that the charity will contt.nw in operaton. The trustees are responsible for keeping adequate aeeounting retttyds that are suffiuent to show and explain Ihe charitable company and the Group's transactions and disclose wilh reasonab accuracy at any tr.me the financial pos ofthe charitable Group and enable them to ensure that the financial statements compty with the Companies Act 2006. They are also re3pon8ible for safeguarding the assets ofthe charitsble CMpanY and the Group and hence ftir taking reaSonae steps for the prevention and detectton of fraud and other irtegulanties. Disclosure of inforniation to audlior Each of the pèrsons who are trStees at the time when this trustses, wort is approved has confirmed th8t' so far as that trustee i8 aware. there is no levant aurfrt infornation olwhich the chaiitable Group's auditor is unaware, a that trustee has taken all trte steps that ought to have been tsken as a Jwstee in c¢der to be aware Of any infomalion rEeded by the chantable group's athlitor in connedion with preparing théir report and to establish that the charitable GrcHJp's aUdar is aware of that infoation. Auditor Tre r84ppointment of mo? Isouthl LLP as audElc to tN8 charty will be considered as part of a tsndér process in the ensuing year. Thls report was approved by the trustees. on . and Sign on their behalf by: The Venerable A C MacRow-Wood, Chalr 13-
SALISBURY DIOCESAN BOARD OF EDUCATION (THE) (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SALISBURY DIOCESAN BOARD OF EDUCATION ITHE) Opinion We have audited the consolidated financial slatements of salisb Diocegan Boar(l of Education (the '¢haritable parenl ¢ompany') and 11$ subsidiary lhe gTOUP') for the year ended 31 March 2024 which cornpri5e the Consolidated Statement of Finant431 Aclivibes. the Consolidaled Income and Expenditure Statement, the Consolidated and Chafity Balance Sheets. the Consolidated Statement of Cash Flows 8nd notes to the financial slatemenls, induding a summary of signifi¢2nt a¢¢ounling policies. The financial reporting framework that has been applied in Iheir preparation is applicable law and United Kingdom Accounting Standards. induding FRS 102 "The Financial Reporting Standard applble in the UK and Reputlic of Ireland" {Unrted Kingdom Generally Accepted Accounting Pradice). In our opinion. the nsol18ted financial stements." give a true and fair view of the state of the group's and charitable parent company's affair5 as at 31 March 2024 and of the group's incomir@ resources and application of resourGes, induding its nrne and expenditure, fr>r the year then ended: have been propedy prepared in accordance with Uiutgd Klngdom G&n8ralty Apted Arlounllng Praclc• and., have been prepared in accordance wilh the requirements of the Companies Act 20C6. Bas18 for oplnlon We conducted our audit in accordance with Intemaiional Standards on Auditing (UK) {ISAs (UK)) and applicable law. Our responsi111¢1eS under those standards are fvrther described in the Auditorfs respon5ibilitses for the audit of the consolidated financial statements section of our reFrt. We are independénl of the group and charrtabl8 parent company in accordance wth th8 ethical r•quirements that are rdevant to our audit ofthe consolidated financial statements in the UK. induding the FRC'S Ethical Standard and we have fulfilled our olher ethical responsibilrlies in accordance wrth these requirements. We believe that the audtt evIdere we have obtained is sufficient and appropriate to provide a basis for our opiThon. ConcluslonG relatlng to golng concern In auditing the financial statements. we have conclud&J that the directors, use of the going concem basis of accounting in the preparation of the financial statements is appropriale. Bas8d on the work have p8rformed, we have not any material uncertainties relatr.ng to events 01 conditions that, indiwdually or colleth"vdy. May cast significant doubt on the group's and company's ability to conl'nue as a going conc6rn for a period ol at leasttsvdve months from when the financial statements arè authorisèd for issuè. Our responsibilities and the responsibilities of the directh wilh reSpecttogOg ConCn are described in the relevant sections of this report. Other information other infom)ation comprises the infomab'on included in theTrustees' annual report {incorporakn'ng the Directors, report) other than Ihe consolidated financial statements arKI our auditorfs report theon. The Truslees are responsikAe for the other informatbon contained within the Trustees, Annual Report. Our opinion on the consolidated finar181 statements does not coverthe other infonnation and, except to th8 extent othe1$8 expliady statéd in our report we do not express any form of assurance cOndusn thereon. Our responsibilsty is to read th8 Other infomiatson and, in doing so. consider whether the other infomats.on i¥ materialty inconsistent with the consolidated financial statements or our knlledge obtained in the audit or othemise appèars to b& matèlally misstatÈd. If we Klèntify such rnatèTial incorLSlStentti8s or arpar•nt m8lerial misstatements. we are required to deterni whether there is a material misstat8ment in the consolidated finanoal statements or a material misstalement of the other infom)ation. If, based on the work we have perfOne0, we Gondude that there is a material misststernent of this other inforniation, we are rwuired to report that fact. Wa hav& nothirMJ lo rgport i) this regard. 14-
SALISBURY DIOCESAN BOARD OF EDUCATION (THE) (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF SALISBURY DIOCESAN BOARD OF EDUCATION (THE) Oplnlons on othor matt•rs prestribgd by the Companlos Act 2006 In our opinion. based on the work uTrJertaken in Ihe course of the audit". Ihe infomation given in thè Trustees. Report (which inclth the Directors, ReFJOrtI prepared for the purpose of company law, for the financial year for which the consolidated financaal st8m8nts arè prpad is consistent with the o)nsolidated finanaal statements.. and the Director5, Report, which 15 induded in the Trustees, ReporL has been prepared in accoTdance with applicable legal raquirements. Matters on vAbl¢h we are requlred to report by ex¢eption In the light of the knoWIe and understsnding of the grwp and the charitable parènt company and their environment obtained in the course of the aLTdit, we have not identified makrial migststements in the Directors, R8port, inclLKled in the Ttustees, ReporL We have nothing to report in respect of Ihe f01hjvng matters in rdatton to whi¢h the Cornpanie5 Act 2006 requires us to report to you if. in our opinion.. adequate accounting records have not been kept by charrtable parent company. or retums adequate for our audit have not been received from branches not visrted by us". or the charitsble parent company's finanual statements are not in agreement with the accounting records", or ¢ertain di1¢surES OfTTUSt. remuneration speciffied by law are r)ot made.. or we have not retsived all the infomialion and explanations we requi for our audit". or the Trustees were not entidéd to prèpar8 the consolidated financial ststements in accordance with the sma ¢ompanies' [me and take advantage of the small companies. exemptions in preparing the Trustees, Report and from fthg requirements to prepare a Stsategic ReporL Responsibilities of Tnmtses As explained more fvlly in ts statement of trustees responsibilibes. the Trustees, who are also the Directors of the tharitable parent companyfor the PUTpose of companylow. are responsib forthe prepardtion of the consolidated financlal statements and for being sth'sfied Ihat they give a true and fair view, and for $uoh inlemal Lx)nlrol a5 tho trustees delemiine is ne$sary to enable the preparation of consolidated finan8[ ststements Ihat arp free from material misstatement. Wther due to fraud OT eFfor. In preparing the Consolidat finanal ststémants. Trustses are responsible for assessiry the group's and the charitable parent Gompanys ability to conts.nue as a going concem. disd08ing. as applicabl8. matteF5 related to going concern and using the going ¢on¢em basis of aco2unb.ng unless the Tfustees either intend ta Iv4uidate the group or the tharitae parent company or to case r4)•rations. or have no realistic aftemabve but to do so. AudltoVs re8ponBlbllltios for the autht ot the consolidated financknl 8tstErnents Our obje¢lives are to obtain reasonable asswance aboutwhether ts ¢onsdidat8d financial statements as a whole a free from Mat$n misstatement whether due to fraud error, to issue an audrtorfs report Ihat includes OLrr ownion. Reasonabkg assurence is a high Ve1 of assuranc• btrt is not a guarantee that an audrt conduthd irb a¢¢ordance with ISAS IUKI wll aayS deteot a material misstatement when it exists. Misstatements can 8rtse from fraud or error and are considered material if, individually or in the aggrpgate, tY could reasonably be expected to influence the economic decisions of users tsken on the basis of these consolidated financial statements. A ftjrthèr d8scription of our responsibilities for the a11 of the consolidated finanaal slatements is located on the Financial Reporb'ng Council's website at hllp'.IAwM.frc.org.uklauditorsresponsibilibes. This description forms part of our auditorfs report. Irregularitses. induding fraud, are instances of non-rrniplianf with laws and regulatiorts. We design procedure5 in line with our responsibilitTes. outlined akove. lo detect material misstatements in respect of irregularf(iès, including fraud. Tho Èxtant to which our procedures are capable of detecling irregularities, including fraud, is detailed below. 15-
SALISBURY DIOCESAN BOARD OF EDUCATION (THE) (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT (coKfiNUED TO THE MEMBERS OF SAUSBURY DIOCESAN BOARD OF EDUCATION (THE) Explanation ¥¥ lo Th¥l extent the audil VAS Considered capable of detecting irregularities, including The ol¥'ectives of our autht in respect of fraud, are.. to identr.fy and awsess the Ti¥k¥ of rnateria misststement of the financial statements due lo fraud" to obtain sufficient appropriate audit ewdence reganjing the assessed risks of material misstatement due to fraud. throLvJh designing and implementing appropriate responses to those 8ssessed risks, and to respond appropriatety lo InstrnS of fraud or suspected fraud identified the audit. However, the primary responsibilty forthe prevention and detecl'on of fraud rBsts with both management and those charged with gOvan of the charitable company and the group. Our approach was as follows.. The en9agement ptnw selected a team forthe autht, led by perSS who had pn(Y knowkdge of Ihe dient and who had the requlred Competen and ski115 to be able to identify or recognise non-COmlane0 wlth laws and reguLqb'on8. We assessed the risk of irregularrties as part of our audii planniro, and ongoing revÉ8w. induding thosè due to fra(hJ. Management override was identified as a significant fraL#J risk. This is due to the ability tv bypass controls and disclosure requirements. Revènue r8cognit"FM was also identified as a $ignific4rt risk of mat8rial mi5-StatemenL Although Ihe processing of transactio is simple and not cffjmplex. there is a potenb'al for recognition of income to an incoThect period or an inco8¢1 allocation of income arKI assoc4ated eyendire betsve6n restricted and unresthcted fijnds. We obtsin¢d an urKlgrstsnding of thè gaI and regulatory frameworks applicable to the charita8 parent ctrmpany and the group arkd considered that the most significant are the Companies Act 2006. The Charities Act 2011, the Charity SORP, UK financial reporbng standards as issued by the Financial Reporting Counril and UK taxation legislatton. We obtained an understanding of how the Gharitable parent rnpanY and the group complies with these requirements through discussioro wilh management and Ihose charga wth governancE. iTr]uired of management aNI those charged with governan a5 to any known in5tsnces of non- com lance or suspected nolFcomPance with laws and regulations. Consideration was also made of the intemal contrds in place to mitvJate the identified Tisk5. We assessed the control environment. dMentIng ts systems. controls and PresseS adopted. The udit apprvach incorporatEd a wnbination of controls where appropriate. analytKal rewew and substsniv8 procedures involving tests of transadions and balar. The consolidated finanaal statements ofthe group incoTporate thv& resu$ ofthe subsidiary company. MoL)re Isouth) LLP are the aLKlitors to the vthoie gioup and same approach has been adopted to the Subsl8ry ¢tynpany as appropriate to that entity. To address the risk offraud through manawart override. w8.. performed analyti¢al procedures, tested journalentries and related party transaclions to identfy any unugual transactions or unexpected relatronships: assessed whether judgements and assumptions made in determining the accounting estimates wrè indi¢ive of potenti4 bias; r•viewd thé naturè ofthè disdosures wllhin the financial sLgtements to ensure they m88t the r8]uiTrmentS ot accounting stsndarQs and retevatrt legislation. In response to the risk relaliThJ to revènu& re¢ognitlon. VP.' agreed a sampl8 of incomé recèipts from sourcé docLMnentation wrto Ihe arUnting records. r8viewed the t8mis arKI rxjnditims of a sample of grants rei*ed to ensure the income is accounted for in the correct pell+Jd. Reviewed board minutss armj corresprmdence for evidence of any further unleed in¢ome. 16-
SALISBURY DIOCESAN BOARD OF EDUCATION (THE) {A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT {CONTINUED) TO THE MEMBERS OF SALISBURY DIOCESAN BOARD OF EDUCATION (THE) In rèsponsè to th• dassificat.on Of income beeen reslrided and unrestricted funds we.. agrééd a sample of incorne receipts from SOU documentation into the accounting records to ensure any restrictions to the income yre correcdy identified in revenue. reviewed the analysis of fvrKls for any obvious misal1cti0ns of income or expenditure,, and confirmed that expenses and payroll ¢o$ts allocated against restrictod and unr8sthctsd ftjnds met th8 purpose for which the in¢e was given. There are inherent limitations audtl proc&Ju described above. The rn0 rn0d thai laws and regulations are from financial tsansactions, the less likely [[ is thatwe would become aware of non<ompl1an. Audib"ng standards also limitth6 audit prOdureS required to identify nO1cOmplan¢ wtth laws and regulations to enquiry of the directors and other managefflerrt and the inspecbon of regulatory and legal corresponden. if any. Mglerial misstatemants that aiisè due to fraud can te hder to dotoc than that arise from eor as they may involve deliberale concealment or collusion. communicate with those chargèd with goveman¢e regarding. among olhèr matters. the planned scope and timing ofthe audrt and significant audit findings, including any signifjcant defi(4encies in intemal control thatwe identify during our audit. Uso of our roport This rèport made solely to the charitsble parent company's member8, as a body, in accordant* with Chapter 3 of Part 16 of the Companies Act 2006. Our aLKlit work has been undetsken so that we mvJhl state to the charitable parent company's members those matters we are required to slate to Ihem in an auditors, report and for no other purposa t extent peTmrited by law. we do not accept or assume responsibilrty to anyona other than thg charit lepa pany th the charitable parenl compan$ members as a body, for our audit wth, for this repo orfo ions we have formed. Robert MacDonald Isen tuto ditor) lor and on bèhalf of Moor8 (SoLrth) LLP Chartered Accountants Statutory Auditor 33 The Clarendon CentrE Salisbury Business Park Dairy Meathwi Lane Salisbury Imltshire SP12TJ Moore (South) LLP is eligible for appointrnent as auditOT of the charity by ¥trtue of its eligility for appointmént as uditor of a company under of section 1212 of the Companies Act 2006. 17-
SALISBURY DIOCESAN BOARD OF EDUCATION (THEY (A COMPANY LIMITED BY GUARANTEE) CONSOLIDATED STATEMENT OF FINANCIALACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 Unrèstrkted Restrkted funds funds 2024 2024 Totsl Unrestricted Restncted funds funds 2023 2023 Total 2024 2023 Income from: Donations and gaC Charitable a¢tsvtties Otrer trading activities Investsnents Other income 290,239 784.945 1.075, 184 2.717 1,059.222 1.061,939 255.374 255,374 39,217 279,318 76.547 76,547 310,292 593,057 903,349 2.250 1.333.237 1,335,487 262.614 2S2,614 10.125 246,561 6,967 6,967 240.101 236.436 Total Income 664.094 2.D84.268 2,748.362 S92.248 2.162.730 2.754.978 Ex ndlture on: Raising funds Ch8rit3ble actiMti8s 236,729 476,249 1.396.044 236.729 1.872,293 234,797 234.797 767,529 1.735.661 2,503.190 Tolal resources expended 712.978 1.396.044 2,109,022 1,2,526 1,735.661 2,737,987 Net gainsl{losses) on investments 15 562.989 562.989 (382,5141 1382.5141 N•t Incomlng1(0901ng} r¢¥our¢e$ before tran¥fe {48,884) 1.251.213 1.202.329 (410.0781 44.555 1365,5231 Gross transfers between funds 1.869,336 {1,669,3361 Net mavèm•nt In fun<k {48,8841 1,251.213 1,202,329 1,259,258 (1.624.781) {365.523) Fund balances at 1 April 2023 1.432.658 7.394,926 8.827.584 173,41XJ 9,019.707 9,193,107 Fund balan$ at 31 hlarch 2024 1,383.774 8.646,139 10,029.913 1,432,658 7.394,926 8,827,584 The ststement offinancial actiwb'es includes all gains and losses rewnised in the year. All [rOme and eyndrturé doriva from contin4Mng acbth. The notes on pages 23 to 46 fom) part of Ihege financial stalernents. 18-
SALISBURY DIOCESAN BOARD OF EDUCATION (THE) (A COMPANY LIMITED BY GUARANTEE) CONSOLIDATED SUMMARY OF INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Income Gains on invegtments Interest and investment income 2,469,044 562,989 279,318 2,508,417 246,651 Gross InctMn• 3.311.351 2.755,068 Exnditure Losses on investments Deprecialion of fixed assets 2,070.885 2,709,246 382,514 28,741 38.137 Total exp¢nditurn 2.109.022 3,120,501 Net in¢om¢ before tsx for the finanGialyear 1,202.329 (365,523} Tax on net income from ordinary actiwties 1,202,329 1365.5231 The group's income and expenditure derive from continuing actities. The notes on pages 23 to 46 fomi part of Ihese finanaal statements. 19-
SALISBURY DIOCESAN BOARD OF EDUCATION ITHE) (A COMPANY LIMITED BY GUARANTEE) CONSOLIDATED BALANCE SHEET AS A T31 MARCH 2024 2024 2023 Fixed assets Intangib assets Tangible assèts Investrnts 13 14 15 1.322,656 8.316, 1,360,793 7,662,015 9.638,986 9,022,808 Current ass8ts Debtors Cash at bank in hand 16 461,492 604,031 356,537 269,658 1.065.523 626,195 reditors: amounts falling due withln one year 17 1674,596) 1821,419) Nel cuThent assetsl{liabilitiesl 390,927 1195,2241 Total assets less Current liabilitie¥ 10.029,913 8.827,584 Income funds Restricted funds Unrastricted furKts 19 8,P46, 139 1,383.774 7.394,926 1,432.658 10.029,913 8,827,584 The Chanvs finanoal statements have been prepared in a¢[dance wth the provryons applicab to companies subject to the small companies regme. The financial ststements were approved and authLKis8d fi)r ISS by tho trustèes on. on their behalf, by. . arKI signed The Venernble A G MaCRoWo0d, Chair Tw¥tg9 C(wnpany Registrntion No. 00464306
SALISBURY DIOCESAN BOARD OF EDUCATION (THE) (A COMPANY UMITED BY GUARANTEE> CHARITY BALANCE SHEET ASAT31 MARCH2024 2024 2023 Notss Fixed assets Tangible assets Invéstmènts 14 15 1.311,855 8.316,331 1,340.595 7.&$2,016 9,628,186 9,CQ2,611 Current assets Debtors Cash 8t bank and in haTh 16 442,3 473,325 341,414 112,694 915,681 454,108 Credltors: amounts falllng due wlthln one ygar 17 (585,873) (720,597) Net Cufrent assetsl{liablil'es) 329.808 {266.489> Total tss?ts les¥ current li#bllltles 9,957,994 8,736,122 Ineomg funds Reslricled funds Unreslrictad funds 19 8,646,139 1.311,855 7,394.926 1,341,196 9.957,994 8,736,122 The Charivs finanaal statements have been prepared in accordance with the ProvOn5 applicable to companies subject to the small compank8S regime. The finanGial slatements were approved and authorBed for issue by Ihe tTUSte8s on.... on their behalf. by: ..a sigr The Venernble A C Ma¢Row-Wood. Chair Tru8t•e Cornpany R•gistsation No. 00464306 21
SALISBURY DIOCESAN BOARD OF EDUCATION (THE) (A COMPANY LIMITED BY GUARANTEE) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 N(rtè6 Cash flo Irom operntlng a¢tivitios Cash ab$orb&J by operations 21 146,382 (305.168) Invesllng a¢trvities Purchase of investrnents Proc8eds on dispos81 of other investments Divrdends, interest and rents from invèstments {391.1551 299,828 279,318 (356,426) 246,561 Nèt cash g•nerated from Inve8tlng activitios 187,991 <109,865) Net increa$el(decrease) in cash and Gash equfval•nts 334,373 (415,033) Cash and cash equivalents at beginning of year 269.658 684,691 Cash ond cash equivalents at end of year 6Q4.031 269,658
SALISBURY DIOCESAN BOARD OF EDUCATION (THE) (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Aceounllng pollclès 1.1 Charity infomiation Salisbury Diocesan Board of Education (The) is a private company limited by guarantee incoOrted in England and Wal8s, registered number 00464306 and a charity registered hth the Charity Commission in England & Wales regislered number 1059195. The registered office is Emmaus House, The Avenue, Wlton, Salisbury, Wltshire. SP2 OFG, which 1$ also principal place of business of the company. The nature ofthe companys w6ratr.ons and ils principal actiwknes are set out in th8 Trustees, Report. 1.2 Accountlng conventlon The financial statements have been prepared in ac(¥rdance wtih Ihe charity's governiT)g document. ihe Companies Act 2006, the Financial Reporting Standard applicable in the UK and Ireland {FRS102), the Accounts'ng and Reporting by Charities.. Statemerrt of Recommended Pract awicable lo charfI6S preparing their accounts in accordance wrth Ihe Finanaal ReF)orbng Standard applible in the UK and Republic of Ireland IFRS 102) (effective 1 January 2019). and the Companies A¢t 20C6 .The Gharty is a Public Benefit Entity as defined by FRS 102. The financial statements are prepar&J in stertiro. which is the nCEinal trr@nl of thé chaiity. Monètary amounls in these ffinanaal ststemerits rounded to the nearest £. The financial statements have been PTeparaY uler the historical cost convention. The principal accountirvJ policias adopted are set out below. The Statement of Financial Activities (SOFA) and Balance Sheet consolidale the financial ststements of the Charity and its subsidiary undertaking. Saled Lrmited. The resulls of the subsidiary are consc4idated on a line by line ba51S. These financia statemerrts comprising 1he cons<Jlidated statement of financial adivrties, the cons(4idated and charity Balance Sheet. cansolidaled cash fl¢yH statement and the related notes 1 to 25 constilule the onsolidated fin7cial statements of Salisbury Diocesan Board of Education for the finanaal year ended 31 March 2024. No separate SOFA has been presented for the Charity abne as pemittted by section 408 of Compan$ Act 2006. Th8 Incomè and 8xpènditurè account for the year deatt with in the accounts of the Chaiity was a surplus of £1,221,872 {2023- deficrt £393,340). 1.3 Company status The Charity is a company limited by guarantee. The members of the Company are th• truslees named on page 1. In the event of the Charity beirKJ wound up. the liabifity in re$p8ct of thè guaranlée is limited lo £1 per member ot the Charity. 1.4 Golng concern The trustees have rewewed the anticipated pwfomiance ofthe riCAl ofalleast tsvelv8 month5 from Ihe date of approval of finanoal Ststements. which demonstrate that there is no material uncertainty regarding the tharity lo meet its liabilities as they fall due, and to continue a5 a going concern. The Board recognises the risk of financial viabilty and this is r8flect•d in th8 acions takén by the Board. To ensure the Charity is a going concern the Board has in place a 5 year strategy, the aims ofvthich are und8rpinned by both detailed financial and stsffing plans. This strategy is monitored arKI reviewed annualty by both the Resources Committee and Board. On this basis thé trust$ cnnsid•r it approp to prepare the financial statements on a going concem basis. Accordingty. these financial ststements do not indude any adjustments to the carying amounts and dassification of assets and liabilities that may aiise rf the charity was unable to conbnue as a going cOnrn. -23-
SALISBURY DIOCESAN BOARD OF EDUCATION (THE) (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Accounting pollcles 1.S Ch•rftable funds General funds a unrestricted fvnds which available for use atthe discretion of th8 trustees in furtherance of the general 0.eCtiveS of the Charity and lch have not been designated for other purposes. Unrestn"cl8d funds indude designated funds where Ihe tsustees, at thwr discretion, have croatfjd a fvnd for a SpefiC puryjose. Restricted lunds are fijnds which are to be used in accordan wilh specific reStrIctrts imposed by the don or trust deed. The UST funds aTe for the caprtal account to be appli towards the purchase of a site for, or tho argctton, improvement, enlargement or rnainIenan of any church school or churth school's tsad7erfs house in Ihe Diocese. The income accounl fijnds (* 811 interest from the investrnents in the UST'S) are be used for the provision of advi and resourcas in connecbon with thè management of or education provided at the schools. The cosls of raising and administering such fvnf13 are charged against the spedflc nd. Tha aim ar use of each restrict&J fund is sét out in the notes to the finarla1 ststements. 1.6 Income All income is recognis8d once the Charity has entitlement lo the income, it 15 pthble that the income will ba r1ved and the amount of income reiVate can be measured reliabty. Income from govemment and other grants. whether 'Catal, grants or 'revenue' grants, is recognised when the chartty has entiUement to Ihe fvnds. any Ferlormance condit¢ons attached to the grants have been met it is probabk that the income will be re[¥ the amount ¢an be measured reliabty and is not deferred. Traéing income represents the total invoice value, excluding VAT. of sales made duriro the year ancl derives from the provision of serviGes falling within the cAThpanS ordinary acbvitiès. thin the tra(fing subsidiary in line FRS102 (apitsl grants recaved for the purchase of a capitalisgd asset are recognised over the usèful lifo of that asset The granl is recognised as deferred income and Is Wfitten back to the profit and loss account in lir with the £Jepreciation polry. 1.7 Expenditure Expenditure ig recognised On there 1$ a kgal or construciNe oblp3ats.on to transfer economic benefil to a third party. it is probable that a transfèr of economic beneffts will be requiFpd in setuement and Ihe amount of the obligation can be mea$urwJ reliably. Expenditure is classified by activity. The costs of ea¢h activity are mado up of the total of dired costs and shared cosis. including support costs invoWJ in undèrtaking 8ach activity. Direct Costs attributable to a 8ing18 are allc¢8ted direety to that actiwty. Shared rosts which contribute to more Ihan one 8¢bvity and support costs which are not attributabkg to a single a¢tivity are apportioned befven those ath'¥Tlie$ on a basis o)nsistent with the use of resources. Central stsff costs are allocated on the basis of time spent, aTrJ d•pffjciation tharg8s allo¢atod on the portion ofthe a$seVs use. Support costs are those costs incurred in support of exrjire on the oblè¢ts of the Charity and include project manag6m•nl carriad out at Headquartern. Govemance costs are those incurred in conn8Ction with administrats'on of Charity and compliance with consiibjttonal and stabjtory requiiemenls. -24-
SALISBURY DIOCESAN BOARD OF EDUCATION (THE) (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 A¢countin9 policie8 1.7 Expgndttur•- ¢ontlnuod Costs of generating funds ar8 costs Incun8d In altractirvJ voluntary income, and trbjse incurred in trading aclimbes thal raBe funds. Charitae activities and Govemance costs are costs IUred on the Chanty'5 educational opeTation8, including support costs and cosis retatir¥J to the govemancè of the Charity apporlioned to charitable activities SCA capital grant payments are recognised as expendilure when the conditions for their payment have been met or where there is a censtructiva obligatron to make a payment. A constructlve OlgaOn an5es when.. the charity has carnmunlted its intention to award a grant lo a iecipient who then has a reasonable expectation thal th6y will receive a grant or the charity has made a pubiic announcement about a cornmrlrnent which is spe(afic enough for the recipient to have a reasonable expectation Ihat they will roceive a grant or there 15 an ests¢shed pattem of pradicÈ Twhich indicates to the recjpient that we will honour our mmitment. The trustees have control over thè amount and timing of grant payments and consequently where approval has been given by the charitae fund committee. on behalf of the trustee, and any of the above criteria have been met Ihén a liability is recognised. Grants are not usually awarded with conditions attached. However, when they e then those condttions have to be mel bofore the liabilty is recognised. Where an intention has not been communicated. then no expermliture is recognised bLrt an appropriate designation is made in the appropriate fund. If a grant has been offerèd but there is uncertainty as to whether it will be accepted or whether conditions will be met, then no liabilrty is recognised but a contingant liability disclosed. 1.8 Irrtanglble fixed ass•ts and amortlsatlon Intangible assets costing £2,000 or more ar• capitali$ed and recognised when fuknre economic benefits are prol>able and the cost or value of the asset can be measured reliably. Intangible assets are inil.ally recogniséd at cDst and are subsequently measured at cost net of amortisats.on and any pro¥ision for impairment Amortisation is provided on intangible fixed assets at rs calculated lo write off the cost of ea¢h ¥et, less their estimated residual value. over Iheir expected useful lives on the following basès_. Soare 16.66% straight line 1.9 Tangible fixed assets and depre¢iatlon All assets c05ting more than £2.000 are capitalised. A review for impairmenl of a fixed asset 15 Cale wt if events or chang8s in clr¢umstances indicate that the carrying Val ofany fixed asset may not be recoverable. Shortfalls beiween the carying value offix8d assets and their recoverable ami)unts 8r8 racognised as impaim)ents. Impairment tosses are recognised in the Stalemenl ol Financial ActNitEs. -25-
SALISBURY DIOCESAN BOARD OF EDUCATION (THE) (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMEKfs (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounllng pollcie$ 1.9 Tanglble fixed asgets and depreclatlon - contlnued Tangible fixed assets arp corried al cost, net of depreciatirm and any provision for impaimient Depreciation is provided at rales tslculated to write off Ihe cost of fixed assets. less their estind residual value, over their expected uselul lives on the following bases." Long term Leasehold propety Long temi Leasehold land Fixturès and fitbngs Office 8quIpmt ¢Puter equiKthent 2% strawht lin8 125 years straight line over lease temi 25% straight line 16%- 33% straight line 15%- 33% straight line gain or loss arising on ihe disposal ofan asset is delemiined as the differertt betren the s81e proceeds orKI the carrying value of the asset, and is renised in rEI incixnel(expenditute} fDr the year. 1.10 Flxed asset investmènts Fixèd ass8t Invèstmènts ar• a fr&m of financial instrument and are inibaly reedognised at their transaction cost and SLEbsequentty measured ai fair value at the Balance Sheet dale. unless fair value cannot be measured rdiably in whi¢h case il is measured at cost impaimient. Investsnent gains and losses, whether realised or unr8alis8d, are Cl7b1n8d and sh(Avn in the h8ading 'Gainsllkxses> t)n invèstrn8nts' in thé Statement of Finan¢ial knlivibes. A subsidiary 15 an entity controld by the chartty. Corrtrol is the power to govem the financial and operatt.ng F)oliues of the enttty so as trt obtain tneffts from ils activities. Investhwnts in subsidiari•s ara valued at cost s provision for impaimient 1.11 Taxation The Charity is CDnsideTed to pas5 the le5ts set out in Pardgraph 1 Schedule 6 of the Finan Act 2010 and thereforè il meets thé definition of a charitats company for UK corporth.on tax purpDseg. AccordiNJly. the Charity is exernpt from tsXat1¢ In respect of income or capttsl gains reiVed within categorie5 cove by Chapter 3 Part 11 of the Corporation Tax Act 2010 ot Section 256 of the Taxation of Charg&ate Gains Act 1992, to the exlenl that such income or gaing are ar¢*lied exdusively to charitable putposes. The tsx CUTrentty payable is basad on taxab18 profil for thè y•ar of th8 subsidiary. Thè company's liability for current tax is calculated usirvJ tax rates that have been enacted or $stanVelY enacted by the reportr.ng end dale. The subsidiary has an option lo pay all tts taxable profits to parent ¢hadty vthlTr nine months of the reporb.ng dat8 and as su¢h, th8r• is no taxable profits. The gift aid payment lo ItE panI charity will be recgJnised as a change in equity when the payfflent 15 maae as the company does nol have a legal (knlvaalion to pay its proffts. 1.12 Interest recelvable Irrtarg$1 on iijnds held on dgPOSit is included wheft e1vable and Ihe amount Can be measured reliabty by the Charity.. this is nornalty utK)n nolificatson ofthe interest paKI or payatAe by the Bank. 1.13 Debtors Trad8 and other debtors are recognised at the setllemart amount aft8r any tr8do discount offered. Prepayments are valuod at lh8 amount prepaid net of any trade di8Unts due. 1.14 Cash and cash equivalents Cash at bank and in hand indudes cash and short temi highly fiquid inv8Stm8nts with a lhort malurity ofthréè months or tess from the date of acquisition or opening of the deposrt or similar account
SALISBURY DIOCESAN BOARD OF EDUCATION (THE) (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies 1.15 Llabllltles and provlslons Liabilities are COgniSed when there is an obiigation al the Balance Sheet dale as a result of a past event. it is probable that a transfer of economic benefit will be required in settiemert and the amount of the settlement can be estimatsd reliably. abIlitieS are recognised at the amount that thè Charity anticipates il wil pay to settle the debt or the amount il has received a$ advanced paymen15 for the goods or services it must provide. Provi8ions ar• measured at Ihe best estimate of the amounts required to settle Ihe 019Stion. Trere the effect of the time value of money is mat8rial, Ihè provision is based on present value of those amounts, dis¢ounted al Ihe prtrtax discount fate that refterts the risks SpfiC to the li*Jility. The unwinding of the discount is rècogniséd wrthin interest payatAe and Similar tharges. 1.16 TTllSt funds The Board holds over 30 individual financial Iru5ts' which have not been induded in its accounts. These comprise School Govemors, ftjnds. EducaJonal Trusts and fvnd5 arising from the sale prnedS of former ChurGh Schools or Teachers, Houses that are waibng scheming. Each of these fund8 18 hekl in a separately designated ?ollnt CCLA Inveslment Management Ltd. 1.17 Flnanclal ItrUments The Charity only has financ#al assets and financral liabilitiès of 8 kind that qU8fy as basic financial instruments. Basic finanrial ingtrumerrts are inits.ally recognised al transath.on value aThJ subsequenly measured at their settlement value with the eXPIlon of bank loans which are subsequenty measured at amortised cost using the effe¢tive interest mèthod. 1.18 Liquid IOUrceS For the preparation of the cash flryfiT the onty asset treated as a liquNJ resource 15 cash at bank and in harKI. 1.19 Retifgrnont boneftts The Charity operates defined benefit pertsion schemes. As the schemes are Multip10yerS, sthemes, their ass$ and liabilities are not separatety identt'fiable. In tlis instsnce they We trea in Ihe financial statements s defined contributs.on pension schemes. The contributions are recogniwj as an expense in the Statement of Financial Adivib'es when Ihey fall due. Amounts not paid 8re shown in acuuals as a liabilty in the Balaneè Sh8et 1.20 Agency arrdngernents Salisbury Diocesan Board of Education acts as an agènl in disknbuting the Devow Fonnula Caprtal {DFC> grant and to voluntary aided schools. Payments reekNed from the EFSA and subsequent disbursements to contractorslsuppliers are excludgy from the ¥tstement of finan1 activit'es as the Board does not have control over the charitable app]ication of the fvnds. Interest received on these fund5 is rewgnised a3 soon as it is receivable and it is used towards its the cost of administration of the Diocosan DFC scheme and also towards the govemors liabilities on the majority of the DFC fvnded projects and that is recognised in th8 Statement of financial actMIEs. The funds reIVed and paid and any balances held arE disclosed in note 18. -27-
SALISBURY DIOCESAN BOARD OF EDUCATION (THE) (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Crttlcal accountlng estlmates and judgements In the applicalion of the charity's ac(#)unliw pOIles. the trusteeg are Tequired to mak8ludg8ments, estimates and assumptions atout the carying amount of assets and liabiltbes that are not re&ily apparent from other sources. The èstimatos and associated assumpts'ons are (ontinualty evaluated and are based on historical eyperience and other factors. including expectations of bjture events Ihat are believed to bè reasonab under thè cirwmstances. Actual results may differ from these estimates. Critical Judgements The Chatity makes e3b"mates and assumptions COnrrIng the future. The Ul.ng actt)LFnting &8timatss and assumptions wll: by definition. sekaom equaj the relat&J athial results. The estirnales and a5sumpts.ons that have a significant risk of causing a material adjuslment lo thg caryir¢g amounts of assets and liabilitEs wllhln the next finanGil year are discussed bdow. SCA c8pitsI grant payments are Ognised as expendimre when the conditions fOrthr payment have been mel or where there is a con5trudive obligation to make a payment There is an estimate relating lo total grant payable as can be variable based on conslruction c¢tsts incurrèd as part of the projectwhich occasionally results in additianal funding to be issued to rellecl an overspend or withdr8w81 of funding offers if projec18 underspent or do not go ahead. The grants payable prO510n is based on applications rnade by ¥chools with supportin9 quotes and tenders detailing thè vauè of thè woth r4uir&d. Donatio #nd 1og8cles Unrestricled Restricted fund$ funds Total Total 2024 2024 2024 2023 Grants Other 290.239 193.870 591.075 484,109 591,075 608,279 295,070 21,239 784.945 1,075,184 903,349 For tho year ended 31 March 2023 310.292 593.057 903.349
SALISBURY DIOCESAN BOARD OF EDUCATION (THE) (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 20Z4 Income from charitable activllies lthrestricted Restricted funds funds Totsl Total 2024 2024 2024 2023 SCA Governors corrtributions Section 106 capital grants Trust Fund&J capital grarts Funding from ESFA 725,791 132,726 112,548 88,157 725,791 132,726 112,548 88,157 2,717 1.088,686 221,993 22,558 2,250 2,717 2.717 1.059,222 1,C61,939 1,335,487 For Ihe year ended 31 Mah 2023 2,29) 1.333,237 1.335,487 Ath"vitié$ for genwating funds Unrestrtcted Restrlct•d fvnds funds Total Totsl 2024 2024 2024 2023 Educational Support Servi¢e¥ 255,374 255,374 262,614 For thè yèarénd•d 31 March 2023 262,614 262.614 Investrient Income Unrnstii¢tsd Restrlct nd8 funds Toial Total 2024 2024 2024 2023 Propety investment income Listed investrnént incomè Intsrest receNable 533 236,790 2,778 S33 236.790 41,995 530 235,007 11,024 39.217 39.217 240.101 279,318 246,561 For the year ended 31 March 2023 10.125 236.436 246,561
SALISBURY DIOCESAN BOARD OF EDUCATION (THE) (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 other income Unrestrlcted Restrfcted fund5 fund5 Total Unrestncted Restn"cted fvnds fvnd5 Total 2024 2024 2024 2023 2023 2D23 SDBF sècondment and pleCt management Income Other income 66,668 9,879 9.879 6.967 6.9S7 Other income 76,547 76,547 6,967 6,YS7 Cost of ralslng fund8 Staff ¢osts D•pte¢latlon costs Total Total 2024 2024 2024 2024 2023 Trading exFertses 111.132 9.397 116,200 236,729 234,797 For the year ended 31 March 2023 103,103 11.188 120.506 234.797 Charitsble activities Staff CO8ts D•pr•¢lallon ¢osts Total Total 2024 2024 2024 2024 2023 Supptsrt for Ihe Church schocds in the diocese Capital grant projects on diocese propertse$ Other support c¢)sts 731,988 28.740 257.807 1.018.535 891.590 832.854 20.904 832,854 1,372,305 20,904 20,200 731.988 28,740 1,111,565 1.872,293 2,503,190 For the year ended 31 March 2023 807,903 28.741 1.5,546 2,503,190
SALISBURY DIOCESAN BOARD OF EDUCATION (THE) (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEAIENTS ICONTINUED FOR THE YEAR ENDED 31 MARCH 2024 Charitsble aclivities (continued) Unrestrfcted RtrIcted funds Total Tolal 2024 2024 2024 2023 Stsff costs DeprlatIOn and irnpairynent SCA capital projects grants Govemors capit81 proiects Qlher capital grant fvnded prqects Insurance premium for churGh schools Travel costs Legal fees Professional subscriptions Resources Courses and training Miscellaneous expendituro IT Costs Consultancy costs Other expenses Support costs 447.509 28,740 284,480 731.989 28,740 611.974 132,726 200,702 8,197 7,022 18.972 8,573 807.903 28,741 1,127.754 221.993 22,558 9.923 12.961 46.920 6.323 77 3,273 5,164 611.974 132,726 200.702 8.197 7.022 18.972 8,573 5.355 3,248 4.576 49,235 40,080 20,9CA 5,355 3,248 4,576 49.235 40.080 20,904 60.169 123,137 19,905 476,249 1.3*,044 1.872.293 2.503.190 For the yoar •nd•d 31 March 2023 767.529 1.735.661 2,503,190 The SCA trApital prr4ect grants have been summari5ed Ltheen sthools below. Certsin grants were accru8d in previous years. some prciects were either rprOmdod or not undertaken leading to negative expenditure. -31
SALISBURY DIOCESAN BOARD OF EDUCATION (THE) (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Ch•ritsble actrili•s (¢onl•nuBd) SCA Grd SCA Grnrt EXdIture Expendlture durfng 23124 during 22rd3 Analysis of grants mad• Bourton Sl Georges Child Okeford DuThYeston Hampreston Lyme ReJs St Michae Marnhull. St Gr8gorfs m101)nt0ur MIrtOn. Parrett & Axe New Forest Porte$ham POwet0( Kennet Valley Saw Ash Sandford St Martins Shaftesbury. The Abbey S8ml8y Evershot Sli¢larKIs StobOrgh Symondsbury Thom8. Litton Cherney VlÈymouth, St Nicholas & St Laurence finterbourrE Valky Èstem Dtyand lye Valley AiLknurne St Michl's Aid8rbury & West Grimstead Broad Chalko Chspmanslade Cherill Chilmark & Fonthill Bk%hop Conbe Bissett Crockerton Derry Hill 73.127 6.170 29.719 38,375 39,999 89,197 134.800) 45,(1 42,307 (8,257) 2.866 1,247 (2,766) 37,202 52,171 86,227 13,243 36,561 7.201 2,437 39,224 (4,140) 27,365 (8.092) {3.618) 69,760 7,184 107,501 (19.172) 28.976 21,913 16,330 48,274 <4,362) 78,186 50,659 81,782 43,412 6,842 23,593 13,147 (1,350) 8,991 (443) 23,437 6,285 934 (2.237) 30,427 9,631 21,942 (1.6461 9,741 Hindon Porton St Nic18$ Sarum St Martins Sanjm St Pauls Ev8r¥ho( stic9nds tteparish nlerslow rilshead 29,598 68,636 66,841 111.048) (2,925) (33,877) 611,974 1.127,754
SALISBURY DIOCESAN BOARD OF EDUCATION (THE) (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 10 Support Gosts - governanco UnT•strKt•d Re8trlct funds funds Tolal Total 2024 2024 2024 2023 Auditors. remuneration Auditors, non audit costs Trustees expenses reimbursed 16,740 4.091 73 16,740 4,091 73 16,600 3,135 170 20.904 20.904 19,905 For th8 year ended 31 March 2023 19.905 19.905 11 Net movement In IupKk 2024 2023 Net movement in fund5 is slated after chargingl(cr8diknng) Amorbsation - intangible fed assets Depreciatson of18rrfJiiSe fixed assets- owned by the tharitablè group Avditorfs remuneralion - aurfrt Auditorfs remuneration - other services 38.137 16.740 4,091 39,929 16.600 3,135 Audit fees for the parenl charity were £13.950 {2023 - £13.100) non-audit fees for the parent ¢harrty were £2,750 (2023 - £3.500) -33-
SALISBURY DIOCESAN BOARD OF EDUCATION (THE) (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 12 Employ¢¢s Staff costs wom as folows.. 2024 2023 Wages and salaries Social security costs Other pension costs 666.585 60.028 116.508 717,679 65,IXO 128.267 843.121 911,OD6 Wages and salaries indudes reduTrJanw costs of £35,0 (2023- £Nil). The average number of persons effployed by the Charity during the yearwas as follows.. 2024 Number 15 2023 Number staff Average headcouni expressed as a full kn.me equivalent.. 2024 Number 12.3 2023 Numbèr 15 Staff The number of emrloyees whose annL1 remunèrabon w8s £60.(NJO or more we". 2024 Number 2023 Numbgr In the band £70,001-£80,QtyJ In the band £80,001-£90,000 In the band £g0,001100,000 Remuneratlon of key managemeTrt personngl Key managemenl personnel are deemed lo be those having authotity and responsibilrty delegated lo them by the trustees, for planning. direcling and controlling the aclivities of the Charity and the Group. Durlng 2024 they were: Direclor of Education - Canon J Tubbs lèft 1 September 2023 - Mrs K Filz5immons appointed 1 September 2023 -MrGPugh - Mts A ChrTslopher Deputy Director of Education Assistanl Diredor of Educatic The key man898ment petsonnel of ts parent charity comprise the truslees. the Diredor of Education. the As5istsnt Direcior ol Educth"on and Ihe Deputy Dirp¢tor of Educakn'on. The total empkfyy8e bgn9fits ofthè kéy management Petsonnel oftha Charity were £282.118 (2023.. £248.572). The key mana9ement personnel of the group comprise thosè of Charity and the key management personnel ol its wholly owned subsidiary SALED Lwnitsd. key manapment personnel of SALED Limiied Is an etemerrt of the employee beneffts of the Assislant Director of Education whos8 employe8 benefits total £44.31812023'. £42,013). The employee benefits ofkey Marement r$On[Plforth0 group was therefore £326.43612023: £290.585).
SALISBURY DIOCESAN BOARD OF EDUCATION (THE) {A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 12 Employees (contlnued) TrustOOS No trustees12023: None) r1Ved Temuroration or other benefits from their role within the tharity. The legal authority to rernuner&e the trustee is contained in the provisions ofthe goveming document of the charity. During the year expenses of £2.102. £127. £Nil12023: £Nil. £Nil £170) was reimbursÉAI to K Frtzslrnmons, J Tubbs and N Harrison respecttvely in resFeCt of their role a5 trustee. In addition. during th? year expenses of £1.760 (2023: £794} vras reimbursed to The DI0$an Director of Education in respect to their emplent. 13 Inlanglble fixed assets (Group and Charity) Group Cost or valuation At 1 ApTiI 2023 and 31 March 2024 24,190 AM0SatIon At 1 April 2023 and 31 March 2024 24,190 Carrying amount At 31 March 2024 At 31 March 2023 The intangitde asset relates to Ihe acqussibon of IT software by the group. This wag amortised over the useful lrfe of 6 years. -35-
SALISBURY DIOCESAN BOARD OF EDUCATION (THE) (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 14 Tangible fixed assets (Group and Charity) Lu$ehold nd and Flxlures tilding9 and fmings equipment Group Total Cost At 1 April 2023 Disposal 1,698,592 125.997 {36.266) 48,738 1,873,327 136,266) At 31 March 2024 1,698,592 89,731 48.738 1,837,OS1 Depr•clatlon and Impalmi•nt At 1 April 2023 Depreriation ¢haiged in ts year Eliminatpd on disposa 357.997 28,740 107,864 9,066 {36.266) 46,673 331 512,534 38,137 (36,2681 At 31 March 2024 386.737 47.1)04 514.405 Carrying amount At 31 March 2024 1.311,855 9,7 1,734 1,322.656 At 31 March 2023 1,340,595 18,133 2,065 1,360.793 L8a8•hold nd and Fixtyres Office buildings and f]ng5 equipment Charity Total Cost At 1 Apnl 2023 1,698.592 21.437 1,750,033 At 31 March 2024 1.698,592 21,437 1,750,033 Depreciation and Tmpairment At 1 April 2023 Dsprfrciation charg6d in the yèar 357,997 28,740 21.437 409,438 28,740 At 31 March 2024 386.737 21,437 438,179 Carrylng amount At 31 March 2024 1,311.855 1,311,855 At 31 March 2023 1.340.595 1,340,595
SALISBURY DIOCESAN BOARD OF EDUCATION (THE) (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMEKfs (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 15 Fixed asset investments (Group and Charity) Llst8d investments Cost or valuation (Groyp and Charity) At 1 April 2023 Additions Disposals Valuation changes 7,662,015 391,155 {300.000) 563.160 At 31 March 2024 8,316.330 Carrying amount At 31 March2024 8.316,330 At 31 March 2023 7.662,015 2024 2023 Group & Charity materlal Investments CBF Church of England Investment Fund CBF Churd) of England Property Fund 7,637,655 678,675 6.947.260 714.755 8.316,330 7,662,015 Llsted Inv88tmènt inveslments In subsidiary Charity only Total Co¥t At 1 Apnl 2023 Additions Disposals Valuation changes 7.662,015 391,155 (300.000) 563,160 7,662,016 391,155 {300,000> 563,160 At 31 Pllarch 2024 8.316,330 8.316,331 Hlstorl¢al ¢ost At 31 March 2024 At 31 March 2023 5.597,399 5.220,973 5,597.399 5,220.973 -37-
SALISBURY DIOCESAN BOARD OF EDUCATION (THE) (A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 15 Fixed asset investments {Group and Charity) Holdlngs of mor8 than 20• The charity holds more than 20% of the share capital of the foll0vng ccffipanies.. County of Class ol Incorporation share held Name of undfyrtaklng SALED Limited (Company NUmber059757} Nature of buslness % hold Provision of gervices to SDBE England Ordinary 100 Results of the subsldiary for th• yèar ondèd 31 March ar•: 2024 2023 Tumover Expendrture 255.374 {236.388) 262.613 {234,7961 Surplus for the year Retained eamings brought fopward Distributton to parent charity 18,986 91,461 138,530) 27,817 63,644 Retsined eamings Gqrried forward 71.917 94,461 Fixed assets Current assets Current liabilities Non-current liabiliti'es Share capital 10.801 169.112 (107.995) 20,198 174,366 194,102) 19,000) (1) (1) 71.917 91.461 16 Debtorn Group 2024 Chr 2024 2023 2023 Amounts falllng du• wlthln on• y•ar: Governors ¢ontributions Amount owed by subsKtiary uTrJ9rlaki Trade debtors Other debtors Accrued income DFC not drawn ¢SJwn 69.721 95.178 69,721 95,178 1.271 68.281 7.267 76.630 92.787 30Q402 11.382 77.517 13,405 77.650 92.787 292,648 79.987 79,987 461.492 356.537 442.356 341,414 thin govemors contributiC balan, there are £Nil (2023.. £21.948) due after one year.
SALISBURY DIOCESAN BOARD OF EDUCATION (THE) (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AIARCH 2024 17 Credltor8: amounts falllng due within one year l>oup 2024 Charlty 2024 2023 2023 Amounts falling due withln one year: Trats ¢reditors Amounts owed lo group undertakMig$ Other taxation and social srity Othèr créditots and accruals Defeed income SCA ¢apilal grants 22.222 70.912 12,672 19,273 66,856 23.563 184,233 145,574 397.137 91,711 41.740 478.015 75,913 170.768 85,836 397.137 478,015 674.596 821.419 585,873 720,597 thin deferred income. there are £Nil (2023.. £9.1)LKJ) due after ce year. Doferrfrd income and grants Included wlthln ¢rèditors above are delalled below At the balance sheet date, the charity was holding funds reIved in thance for the following: Group 2024 Charfty 2024 2023 2023 PSA membership st Dgny's grant PCSF ts¥ining Project income in advan 20.671 33,646 85.836 85.836 13,000 8.069 26,092 41,740 145.574 85.836 Movgment In SCA capltsl grnnts during the year Group Charitable commitments accrued 2024 Charfty CharFlable commitments accrued 2024 2023 2023 Opening balance New grant ¢ommttments charged Grants paid during year undepenI project during 2023123 397.137 544,735 666.627 1.259,933 (582,860) (1,401,547) {2,889) {5.984) 397,137 544,735 666,627 1,259,933 (582,860) 11,401,547} (2,8891 15,984) Amount ofgrant commilrnents CogniSed 478,015 397,137 478,015 397,137 -39-
SALISBURY DIOCESAN BOARD OF EDUCATION (THE) (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AIARCH 2024 18 Funds hekl as intemiedlary agent In April 2006, the Departrnent for Sthools, ChIldn and Familt8s CDCSFI. now calfed Ihe Eduration and Skills Funding Agency {ESFAI changed tts procedures for the administration of Devolved Formula Caprtal IDFC) grants IDFC granls provide the DI0se.$ church schcols with dirBct funding to inve51 in buikliws and equipment>. Consequenlly. where the individual schools have decidBd to appoint the chanty as their agenc the charity received their OFC grants direct trom the DfE and defrays qualifi8d expendire acwrding to their instwctions. At 31 March 2024 the chaiity held £550.409 (2023 - £819.105} in designated bank accounts separate from those of the charity. The money is only transferred ink) the charity's bank ac¢ounts when expandilurè has been authorised by the schools govemors and payment to the contractorlsupplier made. As at the year end SDBE was due £79.987 (2023- £92,787) from DFC las shown in note 16). Interest reiVed of£38,875 {2023 - £10.1251 on these funds is recognised by the charity as soon 3S it is r8C8ivable since the gov•mors of Ihè schools involved donate the interest lowards Ihe cost of administration of the DIesan DFC scheme. Opening bal8nr£ brought forward IrKome received In year Expenditure incurred in year Transfer of furKts to dear govemor Gontribubon balancè Funds to be drawn down 819.105 233.607 {475,377} (1(,913} 79.987 Balance ld in designated bank account 550.409 19 Group st•l•m•nt of fund$ B•lance at Galnsl 31 March {10¥s95 2024 Balan¢è at 1 April 2023 Incomo Expgndltur• Transfg Unrestrictrd funds General funds- SDBE DEC caprtal funds SALED Limrted 600 1,340.595 91,463 408,379 (447,9) (28,740) (236,729) 38,530 1.311.855 71,919 255,715 (38,5301 1.432.658 664.094 1712.978} 1,363.774 Re8trICt funds UST Capital account UST Income account ottrr restricted revenL funds SCA Capital Funds Govemors contn"bution Other Capital Funds 5,301,692 2,011.324 272,181 558.995 343,299 5,917.172 219,690 2,531.395 (258.614) 193.870 725,791 132.726 200,705 (193.870) {610,129) {132,726) {200:705) 81.910 197,572 7,394.926 2.084.268 11.396,044) 562,989 8,646,139 Total of funds 8,827.584 2.748,362 12.109.022) 562,989 10,029,913
SALISBURY DIOCESAN BOARD OF EDUCATION {THE) (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 19 Group statsment of fund6 (continued) In 2022123, under the terms of th8 Education Act 1g93. the UST funds may r the w)rtal account be 8pplied toward5 the purchase of a srte for. or the erection, impmvement, énlargsmènt or maintenance of any church sthool or church school's teacherfs house in tl* DicKese. The income account fvnds (and all interest from the investments in the USTS) may also be used for the provision of advite and resou5 in connection with the management of or educats.on provided at the schools. During both 2021122 arkl 2022r23 the Ttustees agre¢d to a transfer of £300.000 from the UST Income A¢count to the general tjnd to support the provision of advice and r8sources to clxjrch schools in the Di0$•. In 2022r23. the charity had been unable lo veTrfy the source of UST reseTves pre-2001 and therefo a prudent approach had been appl and thè fvll amount was assumed to be UST capital. During 2021122 the charity reviewed and took professional advice on how to 5pIrt the reserves amounting to £3,713k and th• appropriate subsequent net revaluation of gains. Charity Commission guidance was obtained regarding the proposed spilt of85QA capital and 35% rev8nLt•. Guklance was receNed via a S15 notice in Juty 2023 $latir& thatthe tru5tees' bty of 8 Unifomi TTUSt fund has the power to detemiin8 the diwsion of funds betsveen capital and income. In July 2023 the board approved a transfer to be made between fijnds. The original £3.713k was spitt betsveen £2,413k capital and £1,300k rev8nuo. The subsequent gains on ths investment from 2001 to 2023 spill on the same basis of 65% pital and 35% income amwnt&l to £1.370k. In total £2,670k has béen transferred from UST capital to income following this review. 11 was also agreed that a trafer was to be male from the UST i)me funds to assist with th8 fvnding for the Salisbury Dlo¢esan Education CerTtre previously accirnulatsd in the UST funds, thi5 transfer was ¢onffirmed at £1,369k. Bala8 at Gainsl 31 March (lo9S) 2023 Balance at l Aprll 2022 Income ExPendIre Transfèr¥ UnrestriGt¢d fund5 General fvnds- SDBE DEC capital funds SALED Limited 109,754 329,634 1738.7881 {28,7411 (234.797) 300,1)00 1,369,336 600 1.340,595 91,463 63.646 262,614 173,400 592,248 {1,(1tr2,326} 1,869,336 1.432.658 Ratrt¢led funds UST Capital account UST Income account SCA Capitsl Funds Govemors ¢ontrlbubon Other Capilal Funds other restricted grants 8.040.561 162.801 {2.669.454) {232,216) 5.301,692 806,922 368,705 {14.123) 1,000,118 (150.298) 2.011.324 120,978 1.088.686 {1.127,754) 81,910 221.993 (221,993) 22.558 (22.5581 297,987 {349,233) 51,246 9,019.707 2.162,730 (1.735.661) (1,669.336} (382,5141 7,394.926 Total of funds 9,193,107 2754.978 (2.737.987) (382.514) 8,827,584 -41
SALISBURY DIOCESAN BOARD OF EDUCATION (THE) (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 20 Group analy81s of net ass•ts b•t¥veen funds Unrestricted funds 2024 Restricted funds 2024 Totsl Unrestrided Restricted fu$ nds 2023 2023 Total 2024 2023 Fund balances at 31 March 2024 are tepr8serrted by: Intangible fixed assets Tan9ible assets Investrnents Current assets Current liabil89 1.322.656 1,322.656 1.360,793 8.316,330 8.316.330 896.410 1.065,523 {566.601) 1674,596) 1,360.793 7.662,015 7,662.015 232,841 393,354 626,195 1160.9761 1660.443) 1821.419) 169.113 (107.9951 1.383,774 8.646,139 10,029.913 1.432,6S8 7.394,926 8,827.584 21 Cash generated from operations 2024 2023 Sufplusl{deficit} for the year 1,202,329 1365,523) Adjustrnsnts for. Investment income recogni1 in statement of frnanaal acts"vth"es Fail value gains and losses on investrnents Depreciation and irnpairment of tangible fixed assets {279.318} {562,989} 38,137 1246,5S1) 382.514 39,929 Movements in wrA*ing capital: Decrea5ellincreasel in debtor5 IDecreaseifinGrease in ueditors (104.955} (146,822} 118,449) (97,079) Cash ahorb•d by 0ratIOnS 146,382 {305,168) 22 Flnanclal commltm•bts, guarnnt•es and contlngert Ilabllltlmlassets The subject of Contingent Liabilrbes has been reviewgj and. on the basis Ihat contracis for building works a betsveen school govemors and contractors. It Is COruded that there Is no actual capltal commltrnenls that should be rEcognised. The wmmrtied grarts from the SGA funds have been recognised as a liability 8$ deemeAI to meet the criteria of cons1n1ye thlb3ations and a reconL?liation of this provision can be seen on note 17. -42-
SALISBURY DIOCESAN BOARD OF EDUCATION {THE> (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 23 Pension commitments The group has employeas who arè memb8rs ofthe Teachers, Pension Scheme trps) and the Churth Wothers Pension S¢heme (clPs). The contnbutions made in the yearwere £20,13612023- £19.3331 to the T•aGh8rs' Pension Scheme and £98,746 <2023 - £105.2701 to the Church Workers Pension &heme. There were £2,543 ffPSI and £11,658 ICWPSI contnbutions Otrtstanding at the year end12023'. £2.388 {TPS) and £10,819 ICWPS)) and these are included within other credrtors. Teachers. Penglon Scheme The Tea¢hers' Pension Scheme (rps) is a Ststsrt. contributory. dafinj tnefit Scheme, governéd by tho Teachers, Pensions Regulab'ons 2010, and. from 1 Apnl 2014. by the Teachers, Pension SclEme Regulab"ons 2014. These regulations appty to teacher5 in schools and other educational establishments, incjuding academies, in England and Vvales that are maintsined by local auihoriti'es. In addition. teachÈrs in many independent and voluntsry-aided schools and teachers and lecturers in some establishmellts of further and hh&r education May be oligibfe for membership. Membership is automatfc for fvlptime teachers and ctUre[s and. from 1 January 2007. automats'c too for teathrs and lecturers in part-time employmént followng appointrnent or a Ghange of contract. Teachers and lecturers are able lo opl out of Ihe TPS. Thè T•ach•r8' Ponslon Budgeting and Valuatlon Account Tea¢hers' Pension SGherne- The Teachers. Pension Scheme (rps) is a statutory. contributory, defined benefil scheme, govemed by thè Tèach8rs' Pension Scheme Regulations 2014. Membetship is automat'cforteachers in academy trusts. Al teathers have the option to opt-out of the TPS followirJ 8nrolm8ni The TPS is an unlunded stheme to which bjth the rnemr and employer makes ¢ontributions, a5 a percentage of salary - thes& ¢ontribub"ons are credittid to the Exque. Retirement and othér pènsion b&n8fits are paid by public funts provided by Part18ment. Valuation of the Teachers. Penslon Schem• The Govemment Actuary. using normal actuarial principles. conducts a fonnal actuarial rewew of the TPS in 8CCOfdanc8 With the Public SeNice Pensions Ivaluations arid Employèr Cost Cap} Directions 2014 published by HM Treasury every 4 years. The aim of the review is trj spec4fy the level of future Lxir)tributions. Actuarial scheme valuation5 are dependenton assumptions al)out the value of future costs, desvan of beneffts and many other factors. The latest actuarial valuab.on of the TPS was Carried out as at 31 March 2016. The valuatlon report vms pU1$hed by the Departrnent fclr EduCatn on 5 March 2019. The key elements of the valu8tion and subsequent consultation are.. 8mployer contribution rates set at 23.68% of pensionable pay (induding a 0.08•k administration levy) total sch6mè Iiabilikn'es ([s1OnS currently in payment and the estimated cost of future benefits) for se(w to the effective date of £218,100 million and nob.onal assets {estimated firture contributions together Wth the nolional investments held atlhe valuab-on date} of £196.11XI mi1Sion, giwng a notional past service deficit of £22,000 million the SCAPE rate. sét by HMT. is us6d to detefmine the notional invesknent retum. The current SCAPE rate B 2.4% above the rate of CPI assumed real rate of return is 2.4% in exess of prices and 2% in excess of eamings. The rate of real eamirgs gr(Vth is assuTned lo be 2.2V.. The assumed nominal raie of r•tum including eamings grolth is 4.45%. The next valuation resuli is due to be implemented fr( 1 April 2024. PUblhed outcomes in October 2023 of lh6 valuation of the Teachers. Pension Scheme based upon 2020 data include.. émployer contribution rates increasing to 28.68% from 1 April 2024 (induding a 0.08% employer administratson charge} total schen liabilities (pensions currentty in paymenl and the estimated cost of fijiure benefitsl for Ihe $ervi¢e lo the effeGlive date 01 £262 billion. and notional assets lestim8ted fLrture CA)ntribulions together with the notional invesbnerts held at the valuation date) of £222.2 billion giving a notional past seNi¢e deffiot of £39.8 tsllion
SALISBURY DIOCESAN BOARD OF EDUCATION (THE) (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS ICONTINUED FOR THE YEAR ENDED 31 MARCH 2024 23 Pension commitments leontinuedl Under the definition8 set out n FRS 102. the TPS is an Trnded multiryemployer pension scheme. Scheme Changes Following the Hutton report in March 2011 and the sub$8quent consullations with trade unions and oth8r representative bodies on reform of the TPS. the Deparknent published a Proposed Final Agreement, settirKJ out 1he design for a reformed TPS to be implemented from 1 April 2015. The key prowsions of the refomied s¢heme indude". a pension based on ¢areer average eamings", an a¢¢rual rale of 1157th,. ar#J a Nomal Pénsion Ag8 aqual lo Statè Pénsion Agè. but with opbons to ènablè mèmbers to rets.re earfier or later than their Nomal Pension Age. Importanty, pension benefits built up befoTr 1 April 2015 will be fully prole¢ted. In additson. the Proposed Final Agreement indude5 a Government commrtmenl that those within 10 years of Normal Pension Age on 1 AprÈl 2012 k4ill see no char¥Je to the age at whh they can reb"re, arKI no decrease in the amount of Fension théy recéivè vthén thèy rètiré. Thèrè will also bè furthèr tranSOnal protéctitsn, tap8r8d over a the and a half year period. for people who wouhl lall up to three a halfyears outside ofthe 10 year protection. Regulations giving eflpct to a reformed Teachern. Pension Scheme came into frrce on 1 April 2014 and the refomied sthgme commenced on 2015. The pension C•)sts paid to TPS in the year aMnted to £20,136 (2023". £19,333) FRS 102 {28 Under the definitions set out in FRS 102 (28.11). the TPS is a multimployerpension plan. The Group is unable to idents.fy rts share of the uThlertying assets and10bilit ot fhe plan. Accordingty, the Group has taken advantsge of the exemplion in FRS 102 and has aUnted for its contributions to Ihe scheme as if il were a define&contn'bution plan. The Group has set Olrt above the information available on the plan and the implr&th"ons for the Group in temis ol the antiupated eAryntiibution Church Workèrs P•nsitsn Fund {CWPF) The Board particpated in the Pension Builder Stheme section of C1I4PF for lay Staff. Th8 Scheme is ac£ministered by Ihe Church of England Pensions Board, which holds the assets of the schemes separately from those of the Employer and the other parb"cipab"ng ernploye. The Church Workers Pension Fund has a sedion known as the Defined Beneffts Scheme. a deferred annuty section known as Pension Builder Classic and a &8sh balance sects'on known as PenSn Builder 2014. The Defin8d Benefits Scheme I"DBS"} secti)n of the cl¥j Wothers Pension Fd provides teneffts lor lay staff based on final pensionabEe salaries. The Board closed its DBS Scheme to new members in 2008 and there ¥e ¢urrendy no stsff members In the stheme, all $tsff membeT5 are members of the Pensi¢)n Builder Sch.
SALISBURY DIOCESAN BOARD OF EDUCATION {THE> (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 23 Penslon commltrftents 1¢ontInu) Pension Builder Scheme For eligible 5alaiied employees, the Board participates in the Churth of ETrJland Pension Builder Scheme (PBS}. The Scheme 15 administered by Ihe Church of England Pensions Board, which hotds the assets of the schemes separately from thw of the Employer aThJ the other partt"cipatirwJ employers. The Pension Builder Scheme ofthe Church Workers Pension Fund is made up of0 secltons, Pension Builder Classic and Pension Builder 2014. both ofwhich are classed as defined bgn9fft schemes. Pension Builder Glassic provide3 a penSn for membèrs for payment from retimen( accumulated from ¢ontributions paid and converted into a deferred annuity during employment based Dn terms set and review1 by the Church of England Pens40n5 Board from time to ts"me. Bonuses may also be ared, depending upon the investment retums and olher factors. Pension Builder 2014 is a cagh balance scheme thatprovides a lump sum that memb8ts use to prowde benefits al retirement. Pellsion contributsons are reeorrjed in an account for each member. This account may have bonuses added by the Board before rettremenL The bonuses depend on Investment experien &nd Dther factors. There is no réquirement for the Board to grant any bonuses. The account, plus any bonuses declared, is payable frorn rnembers, Nonnal Pension Age. The is no sub4Svision of assets been employers in each section of ts Pension Buildèr Stheme. Th8 schème is considered to be 8 mults"employer schemè as describéd in Section 28 of FRS 102 8$ il is not possibl8 to attribute the Pension Builder Scheme's assets and liabilib.es to specific empkyers. This me3ns Ihat ¢ontributions are accounted for as if the scheme were a defined ¢ontribulion $drne. Th6 pensKin costs har9ed to the SOFA in the year we contributions payable. A valuation of the Pension Builder scheme is carrièd t once every three yews. The mosl renI schome valuation completed was carried out as at 31 Dernber 2016. For the Pension Builder Classic sec"on, the valuation revealed a deficrt of £14.2m Ihe orrfJoing assumptions used. At the most annual review the boa1 choose not to grant a discrebonary bonus which will have acted to improve the funding postb'on. There is no quIrement for deficit payments at the cunEnt time. Penslon Builder 2014 seclion valu81ion vealed £1.8m surplus on the ongoing assumplions. There are no quirèmènt for deficit payments at the current t'me. Thg legal strucbjre of the scheme is suth that if another ernployw fails. SDBE become responsibl& for paying a share of that employer's pension liilitie5. -45-
SALISBURY DIOCESAN BOARD OF EDUCATION (THE) (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (coKfiNUED) FOR THE YEAR ENDED 31 AIARCH 2024 R•latad pgrty transa¢lK•M The trusl8es corld8r th8t the Salisbury DiOn Boèrd of Finan (SDBF) io te a conne(thl chadty as the work of edtIOn in the Diocese is Caled out by the Saltsbury Di(>cesan Board of Education (SDBE). SDBE and lis cknarity 8ubsMtiry re charged by SDBF £Nil (2023". £3,452) in re5peca of a ¢ontfibution to IT devé101enl, and £157.72112023'. £139,954) in respect of building ser4tces provideAI At th8 yèarend £9412023. £12,302) was due to SDBF. Dunng tr£ yaar. £5.COO was invoiLd to SDBF Building Consultant Ltd for th8 production and pr8paTrtion of W regarding an operational wew. SDBF has granted aid to SDBE for its educab'onal work Ki th8 t0£¥e. Ihe ye&r £290,239 (2023.. £310.292) was pabl to the SDBE in re5Fect of grydnts. SDBF aL%o contributed £63,868 (2023: £Nil} for a SDBE employee who is on gendMent wth SDBF. SDBF rewnbursed leg rSts to SDBE of £2,812023. £Nil) for legal costs gardirj Emma1 House rger. Finally. SDBF pa SDBE £26,514 (2023.. £Nil) for the share offadlltles. At the ygar er¥J £Nil12023: £Nil) Vds to SDBE. In 2023r24, £33.663 (2023: £54.425)WdS rly1 from The RevereThJ Do(knr S F arKI Mrs Ja(son M¥pUer Trust, whith has o)mmon Iruste88hp wth one SDBE Irustee Mr N Harrison arKI member of mwnber of key management bwng Joy Tubtss to 31 AUgt 2023 and Kkn Fitrslmmons from 1 September 2023. During the year, f20,1ff212023. £24.797) was I1ve from Diocese Of sa$bUry Academi85 Tmst IDSAT) for office acccrfnmcMJation and recharge of staff time and expensès. Thèy also paid £Nil (2023.. £8,050) for PSA subwtrThi$ and trdlnlng Canon J Tthbs arJ Mr G Pugh. afe trusts85 of DSAT. During the year £Nil (2023.. £4,5) was r8ci¥d for PSA s•tsons training fr(Jm Shethume Area Schools Trust £NII (%]23: £4.(MXl) was InbDKed Ihe year in rdation to nsultancY regardlng academy conversion. totsl wtststing at the year end is £Nil (2023.. £4.800). Mr N R885 and Mr G P 8re c(mmon tnte85 of both efibtks. DuriTrJ ts year £2,250 (2023.. £4.813) wa5 re%d re training acad8my (ver810 support and PSA training from Initio LeamFng Tntst Mr N Hathson is a LX)mmon trusts8 of both entits5. At the year end there were no balances r8(IvaLe. During the year, the charity rev a project admlnistration fee from its 5ub5idiary, SALED Ltmited of £25,134 121y23: £33.647). Al the year erKI. 8 Editi¥ of £Nil {2Q23". £1,Tr)7) was due to SALED LimitÈd in relation to plect administrton fees. There was also a debtor outstandlng of £19,273 cr&Jttor12023 £1,271 debtor) for 25 Trust funds The SDBE 8cts as trustee- as al 31 March 2024. the valuè of these funds are £5,382,445 {2Iy23. £5.850,675). Induded In th86e bJThJ$. ts SDBE hobj cssh on behalf of these trusts in designated bank aCunts separats lo those of the SDBE and not recognwj in these a(xxunts wlich totstkd £159.379 {2023: £311,8TI). Th8 SDBE also acts as {todIan knr van0$ school trust fvrKts - as ai 31 Marth 2024 tho valu8 of these fuNJs w85 £984,388 12023.. £950,383). Induded in these fvnts. thè SDBE cash as custodign br these trusts in designated bank accounts separats to those of the SDBE aThJ which ate not recc#Jnise(i in these accounts thlch totalled £2.081 (2023: £1.383). 26 Post balance sheet •v•nts The SDBE 711 be traf•ing a prOp)rtm of Within Emmaus House to the Sali%bury Diocese Board of Flnance In return fLY in¥pstmerrt on the leasehold. On 301h SepteMr 2024 the SDBE (Y>nKAd the purchase of part of LcKJers Primary Academy fiDm a privats land owner for £240.OJ). Loder5 Primary A¢adwny is a churth sth¢)ol th8 purchase mean$ that the owneryJhip of the site is nrtw sddy wlih SDBE aThl Dots8t Cwnul.